While analysts are expecting the autonomous truck revolution to come sometime in the early 2030s, tech startups including San Diego-based TuSimple and China-based MoonX.AI have completed more than 550 miles of fully driverless truck driving on public roads without a driver behind the wheel.
TuSimple and MoonX.AI are just two of a handful of startups in the autonomous truck space. One of the leading companies in the space is Outrider, a US-based self-driving truck startup that automates yard operations for logistics hubs with an integrated system.
The trucking industry moves more than 20 billion tons of freight a year, and almost all of it passes through distribution yards. While they are critical links in the supply chain, today s yards still run largely the way they have for decades filled with repetitive, manual tasks performed in often inhospitable and potentially hazardous conditions.
These yards are hard to staff and create bottlenecks in the supply chain. By automating yard operations, logistics-dependent enterprises will increase the time that freight spends moving down the highway, address labor shortages, and allow more people to work in safer environments.
Outrider raised $73 million in Series C funding to scale up its autonomous trucks, which are used in distribution yards for customers in e-commerce, manufacturing, and other industries. The total funding raised by the company is $191 million.
The round was backed by new investors, including the Abu Dhabi Investment Authority ADIA, one of the world's largest sovereign wealth funds, and the venture capital arm of chip designer and computing firm Nvidia Corp.
Andrew Smith, CEO and Founder of Outrider, said that Outrider has delivered breakthrough technology to automate one of the most inefficient links in the supply chain. Our customers will be able to move huge quantities of freight more efficiently, safely and sustainably using Outrider's technology. We are delighted to have an outstanding network of investors who share our vision to set a new standard for the global logistics industry. Outrider says it's self-driving yard truck hitches and unhitches from trailers, robotically connects and disconnects trailer brake lines, backs semi-trailers with precision, interacts safely with loading docks, and keeps track of trailer locations throughout the yard. Outrider s funding is an indication of interest in the self-driving space, as investors have pulled back from the sector ofcryptocurrencies. As we reported last week, Oxbotica raised $140 million from investors to speed the deployment of autonomous vehicles AVs in areas such as heavy industry, ports, and airports.