Parallel Systems

Parallel Systems is a manufacturer of electric vehicles designed to serve as an autonomous and zero-emissions freight transportation system.

Parallel Systems is working to create a more efficient, decarbonized freight network that flows on top of existing railway infrastructure.

Parallel Systems was founded in 2020 by Matt Soule, Ben Stabler and John Howard. The company is headquartered in Culver City, California.

 

Parallel is decarbonizing freight by building a cleaner, automated rail future. Parallel’s zero-emissions rail vehicles are more flexible than traditional trains, allowing railroads to open new markets, increase infrastructure utilization, and improve service.

 

Parallel’s patent-pending vehicle architecture involves individually powered railcars that can load and transport standard shipping containers as a single or double-stacked load. They can join up to form “platoons” or split off to multiple destinations while en route.

 

Parallel's platoon technology features self-propelled rail cars that push against each other to distribute the load, which, the company predicts, will lead to Parallel vehicles using just 25% of the energy compared to a semi-truck.

 

Parallel is backed by Anthos Capital, Congruent Ventures, Riot Ventures, Embark Ventures, and others. The company raised $49.55M in a Series A round on Jan 19, 2022. This brings Parallel's total funding to $53.15M to date.

 

 

  • Year founded: 2020
  • Funding Info: $53.15M over 2 Rounds (Latest Funding Type: Series A)
  • Yearly Revenue: NA
  • Employee Size: 11-50
  • Business Valuation: NA
  • City/Town: Culver City
  • State: California
  • Country: United States
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