GoKawiilParallel Systems raises $100M to build autonomous freight rail vehicles
Parallel Systems, founded by former SpaceX engineers, has raised a $100 million Series C round led by AVP to scale production of its battery-powered, autonomous rail vehicles called Panther. The vehicles can haul several tons of freight up to 500 miles without an operator, traveling solo or in short platoons rather than traditional long trains. CEO Matt Soule says the technology lets railroads compete with trucking on shorter routes they've largely abandoned.