PARALLEL SYSTEMS TO LAUNCH FIRST COMMERCIAL PILOT IN APRIL FOLLOWING FEDERAL RAILROAD ADMINISTRATION APPROVAL AS COMPANY CLOSES $38 MILLION SERIES B FUNDING ROUND
Summary
Parallel Systems is a U.S. based manufacturer and transportation technology innovator whose mission is to deliver a safer, more efficient and sustainable alternative to short-haul trucking. "Federal Railroad Administration approval and closing our Series B funding round are two critical milestones for Parallel Systems," said Matt Soule, Founder and CEO. The latest funding round will be used to propel commercialization of Parallel Systems with strategic railroad partners in the United States and Australia. Commercial truck travel has doubled over the past two decades, materially contributing to congestion, especially near ports and high density warehouse districts, leading to an estimated $74 billion negative impact on the U.S. economy. The company is a U.S. based manufacturer and transportation technology innovator whose mission is to deliver a safer, more efficient and sustainable alternative to short-haul trucking.