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Einride's electric self-driving vehicle T-pod can be remotely controlled by drivers. Credit: Einride.

Swedish autonomous electric vehicle startup Einride has raised $25m in a Series A funding round co-led by EQT Ventures and NordicNinja VC.

The funding was joined by Ericsson Ventures, Norrsken Foundation, Plum Alley Investments and Plug and Play Ventures.

Einride, which was founded in 2016, has raised a total of $32m to date.

The autonomous vehicle startup has not revealed the valuation of the business based on the latest funding.

Einride announced that it intends to use the proceeds to fund software platform developments and expand into the US market.

Einride CEO Robert Falck said: “Our ambition is to disrupt the transport industry and closing our series A brings us one step closer to that goal. The funding will allow us to start expanding in the US, deliver on our technology road map and to meet rapidly increasing customer demand.”

The company noted that it hopes to build on its customer base, which includes logistics provider DB Schenker, supermarket chain Lidl and large US-based transport intensive companies.

In 2017, the company created a new electric self-driving vehicle known as the T-pod, which can be operated remotely by drivers.

The company claimed that its technologically advanced T-pod system has the potential to change the transportation industry.

It is the first autonomous all-electric truck that has operated on public roads since May.

Last year, the company collaborated with DB Schenker to commence the commercial installation of an all-electric and autonomous truck at the Swedish-based DB Schenker facility.

EQT Ventures operating partner and investment adviser Ted Persson said: “Einride’s approach of tying together software and hardware to take transportation into the future is by far one of the most ambitious I’ve seen as an investor in Europe.”