Dallas, TEXAS, May 10, 2021 – Railspire, a company that retrofits locomotives for autonomous driving, today announced it recently completed its second seed round of fundraising, securing $4.68 million for the next stages of product development.
Railspire will use the funds for continued research and development on its core technology, followed by field trials and then late-stage proof of concept demonstrations. These efforts will enable the company to test and prove its underlying core technology in the field with partner railroads and prospective customers, ultimately demonstrating its market value and lowering risk. Field trials and demonstrations are expected to take place over the next 12-18 months.
“This latest round of investment is a significant milestone for Railspire as we seek to apply our technology to actual locomotives in yard and near-yard environments,” said Lester Hightower, co-founder and board chairman of Railspire. “While we remain in the early stages, we have received interest from several prospective partner railroads to participate in or observe our forthcoming trials and demonstrations. It is an exciting time for the company.”
Railspire previously raised $875,000 to fund research and development efforts toward a working “lab demo” of its autonomous locomotive driving technology.
For more information and other Railspire news, visit www.railspire.com.
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.