Intramotev, a St Louis, MO-based company that develops autonomous, battery-electric railcars designed to transport freight without traditional locomotives, raised $14m in Series A funding.
The round was co-led by Flybridge Capital Partners and Alpaca VC, with participation from Advantage Capital, Cathcart Rail, Aera VC, Band Venture Partners, Cantos, Collide Capital, Decisive Point, and Idealab.
The company intends to use the funds to to continue deploying its TugVolt and Revolt technology to customers across the US and abroad.
Founded in 2020 by Tim Luchini, PhD, Corey Vasel, and Alex Peiffer, iIntramotev is a high-technology company focused on transforming the future of freight movement by developing autonomous, zero-emission rail vehicles. Its solutions will help decarbonize and improve asset utilization in the supply chain by reducing diesel locomotive use for the $690B worth of goods moved by rail annually in the US. Its fleet of TugVolt self-propelled battery-electric railcars can move independently like a truck, and are deployed in captive, point-to-point use cases, and then rapidly expanded to the existing network of 140,000 miles of existing track without additional infrastructure.
FinSMEs
15/08/2024