SpaceX alumni raise $100M for autonomous freight rail startup Parallel Systems

Parallel Systems, founded by former SpaceX engineers, raised a $100 million Series C led by AVP. Its autonomous Panther rail vehicles haul several tons of freight up to 500 miles without an operator, aiming to bring short-haul routes back to railroads.

• $100M Series C led by AVP
• Panther vehicle moves several tons up to 500 miles without an operator
• Testing on 160 miles of track near the Port of Savannah
• 60% of US freight trips are under 500 miles