Self-propelled Panther railcars get $100 million boost for commercial rollout

What happened

Parallel Systems has raised $100 million in a new funding round to scale production of its autonomous, battery-electric freight rail vehicles, betting that smaller, self-propelled railcars can make rail shipping more competitive with trucks on shorter routes. The Los Angeles-based company announced the close of its Series C round on October 7, saying the funding would support production of its third-generation Panther vehicle, commercial expansion, and entry into international markets.

Founded in 2020 by former SpaceX engineer Matt Soule, Parallel Systems is developing a freight system that combines electric propulsion, autonomous control, and software-coordinated rail vehicles. Its aim is to make rail practical for shipments that are often moved by trucks because conventional freight trains are less flexible on shorter routes. Railcars that move without a locomotive Traditional freight trains rely on locomotives to pull long strings of coupled railcars.

Key facts

• The Los Angeles-based company — announced: the close of its Series C round on October 7, saying the funding would support production of its third-generation Panther vehicle, commercial expansion, and entry into international markets