Routes under 500 miles make up about 60% of that freight, yet the rail network best suited to handle them sits underused.
Parallel Systems is chasing that gap with battery-electric, autonomous freight rail vehicles that move independently on existing tracks — combining the flexibility of trucking with rail’s cost and environmental efficiency.
Parallel Systems said on October 7 that it had closed a $100 million Series C round.
The new capital will fund production scale-up of Parallel’s third-generation Panther rail vehicle and its push into international markets.
“Closing our Series C round is a major inflection point for Parallel and the short-haul logistics industry,” said Matt Soule, Founder and CEO.