Dallas, TEXAS, October 12, 2020 – Railspire, a company that retrofits locomotives for autonomous driving, today announced it has raised $875,000 through an initial seed round of fundraising just weeks after the company’s founding in September.
The proceeds are designated to fund research and development for a working “lab demo” that will allow the onboarding of partner railroads for the next stages of product development.
“Securing this level of investment just weeks into our company’s founding speaks to the potential of Railspire,” said Lester Hightower, co-founder and board chairman of Railspire. “With no other industry participants offering autonomous locomotive technology for yard or near-yard operations, we are excited to progress our technology through the lab demonstration phase and into proof-of-concept trials.”
One Eighty Capital, a Chicago-based investment firm that partnered with Railspire’s founders to form, fund and build the company around its proprietary technology, helped facilitate the fundraise and will continue to support the company in future rounds.
Railspire retrofits locomotives with artificial intelligence and machine learning software for autonomous driving. The company was founded in 2020 by three railroading experts, two of whom are the world’s preeminent autonomous rail technologists. Railspire’s autonomous locomotive driving technology helps railroads operate with better safety, efficiency and productivity. For more information, visit www.railspire.com.