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Einride, a self-driving truck manufacturer, raises $100 Million

The latest funding round for Swedish self-driving vehicle startup Einride raised $100 million from investors including asset management company EQT Ventures, and quantum computing firm IonQ at an undisclosed value.

The company said that the capital would allow them to expand their customer base, develop new technology and scale up the deployment of their autonomous freight trucks.

Self-driving trucking technology is a promising way to grow the long-haul and freight industry. However, it faces regulatory scrutiny.

As they follow fixed routes, usually on highways with no pedestrians or intersections, self-driving services do not require as much mapping.

Einride will raise $110 million in 2021 from investors including Maersk Venture Capital and Singapore's state investor Temasek.

The company entered the U.S. in the following year and acquired GE Appliances as well as Swedish vegan milk producer Oatly, and tire manufacturer Bridgestone. (Reporting and editing by Vijay Kishore in Bengaluru, Zaheer Kachwala from Bengaluru)

(source: Reuters)