EasyMile, the leader in driverless vehicle solutions for material handling and shared passenger transport, today announced it has closed a € 55 million Series B funding round. Led by Searchlight Capital Partners, LP (“Searchlight”), a leading global private investment firm, with McWin and NextStage AM, the round saw all EasyMile’s earlier investors, including Alstom, Bpifrance, and Continental, also participating.
The funding will facilitate the completion of EasyMile’s product and technology roadmap while accelerating its international expansion and client service.
This new round of funding, which was oversubscribed, signals the growth phase in the software provider’s development plan. It will allow the company to scale its solutions commercially. EasyMile has been successful over the past seven years developing its technology and establishing partnerships with top-tier original equipment manufacturers (OEMs).
EasyMile is a leader in driverless solutions for both of its primary growth sectors: material handling and shared passenger transport. The company has partnerships with blue-chip suppliers in goods transportation, such as TLD for the TractEasy autonomous tractor, which is now available for commercial service. It is the world leader in autonomous shuttles, with 60 percent of the global market share and more than 180 vehicles deployed worldwide. It recently announced a collaboration on an autonomous vehicle with Stellantis (Peugeot-Chrysler-Fiat), the world’s fourth-largest automaker, and has further vehicle platforms in development.
EasyMile Founder and CEO Gilbert Gagnaire said the company would use the funds to continue its growth trajectory.
“We have stayed focused on what we can deliver in a reasonable timeframe and partnered with leaders in niche markets that are addressable now,” he said. The company will focus on automated solutions for material handling and shared passenger transport on private sites in the short to medium term while continuing to address public transport on open roads for the longer term.
“The participation of all of EasyMile’s earlier investors in the round is a strong vote of confidence in our expansion plan, and we are very happy to welcome Searchlight, McWin, and NextStage and look forward to accelerating our growth thanks to their expertise,” he added.
For EasyMile’s General Manager Benoit Perrin, it is a final step in the company’s pragmatic, strategic development to unlock scalability with technology that is ready for commercial application.
“This injection of capital validates EasyMile’s strategy and will allow us to finalize our technical development and finance our scaleup strategy. We’ll bring the technology up to a level that can be industrialized and deliver real commercial service,” he said.