Parallel Systems raises $100M to scale autonomous Panther railcars

Los Angeles-based Parallel Systems closed a $100 million Series C round to scale production of its third-generation self-propelled battery-electric freight railcars, expand commercially and enter international markets. The company is testing the technology in Georgia on a 30-mile stretch with short-line operator Genesee & Wyoming under an FRA-approved program.

• Series C round of $100 million closed on October 7
• Panther vehicles travel up to 500 miles per charge without a locomotive
• Georgia pilot covers a 30-mile stretch
• Founded in 2020 by former SpaceX engineer Matt Soule