Einride Bagged $500M, Maergo Raised $20M, and More Austin Tech News
Austin tech companies made headlines last week to disrupt and innovate in logistics, aerospace and more. Keep reading to learn which companies are scaling their teams and planning for growth. This is the Built In Austin Weekly Refresh.
Einride bagged $500M. Einride develops electric and autonomous freight trucks as well as shipping intelligence software. The Swedish company has a regional office in Austin. This $500 million funding round includes a $300 million debt facility, which will support the company’s current electric vehicle fleet, and a $200 million Series C equity raise. The Series C will go toward market expansion and the development and deployment of autonomous vehicles and digital products. [Einride]
Slingshot Aerospace landed $40.85M. Dual-headquartered in Austin and El Segundo, California, Slingshot Aerospace is the developer of space simulation and analytics products. This Series A2 financing round, led by Sway Ventures, has already been used to finance two acquisitions. The new capital will also be used to further develop its satellite tracking platform and expand its customer base. [Built In Austin]
Austin Tech Quote of the Week
Maergo raised $20M. This Austin startup, formerly known as X Delivery, provides faster, cheaper shipping for retail brands by putting their packages in the unused cargo spaces of commercial airlines, including Delta, Southwest and United. Maergo is used by Saks Fifth Avenue, Allbirds, Chubbies and Buck Mason. [TechCrunch]
Protopia AI pulled in $6M. This Austin startup has developed a technology that removes personal information from data, providing clean datasets that can then be used to feed artificial intelligence models. The seed round, which was led by ATX Venture Partners, will be used to hire engineering talent to further develop Protopia AI’s products. [Built In Austin]