Fernride in a €7.1 million financing round backed by 10x Group and existing investors.

Fernride, a Munich, Germany-based SAAS developer for logistics companies, announced completing a €7.1 million ($8.4M) financing round.

The money was raised from German investors, led by 10x group and joined by Speedinvest, Fly Ventures, and UnternehmerTUM's Initiative for Industrial Innovators. The US-based deep-tech VC Promus Ventures and Olivier Bonnet, CTO of BlaBlaCar, are participating as co-investors and business angel, respectively.

Fernride, founded as Pylot in 2019 in by Hendrik Kramer, Jean-Michael Georg and Maximilian Fisser, built an autonomous driving platform intended to remotely operate and monitor vehicles from anywhere. The company works with logistics customers, providing them with and end to end integration of driverless vehicles, which allows humans to safely remote monitor, assist and control vehicles from afar.

The company says it is redefining the job of the driver who will evolve from a 1:1 remote operator to a highly effective fleet manager who assists up to 50 highly automated vehicles from the comfort of an office.