Parallel Systems has raised $100 million in a Series C funding round led by AVP, or Advance Venture Partners, to scale its autonomous battery-electric freight rail technology. New investors Hillspire, Agility Global and Cobalt Capital joined the round, alongside existing investors Anthos Capital, Congruent Ventures, Riot Ventures and Collaborative Fund.
Founded in 2020, the Los Angeles-based company is led by co-founder and CEO Matt Soule. Parallel develops autonomous, battery-electric rail vehicles and supporting software designed to help railroads serve shorter and lower-density freight routes that have traditionally been handled by trucks. Its system is designed to operate on existing rail infrastructure.
Parallel plans to use the new capital to accelerate commercialization, expand manufacturing of its third-generation Panther rail vehicle and support expansion into international markets.
The company is also operating a freight rail pilot in Georgia in partnership with short-line railroad operator Genesee & Wyoming under Federal Railroad Administration supervision. The pilot followed FRA approval for testing on a 160-mile stretch of rail in Georgia announced in 2025.
Parallel previously closed a $38 million Series B round in 2025. Following the latest financing, the company said it has raised more than $200 million in total funding.
