Singapore state investor Temasek Holdings has participated in the $500 million funding round of Swedish autonomous and electric truck company Einride.
The funding includes an equity-based $200 million Series C portion with backers including Temasek, Swedish pension fund AMF, Northzone and EQT Ventures, according to news reports. Einride has also secured $300 million in debt funding led by Barclays Europe.
The equity tranche includes a $90 million convertible note that it raised earlier this year.
The latest tranche brings the total funding received by Einride to $650 million.
The company is looking to deploy fresh funds towards bolstering its fleet of vehicles in line with its expansions into new and existing markets across Europe and North America.
Founded in Stockholm in 2016, Einride had initially developed a cabless self-driving cargo truck that can also be controlled by human operators if needed.
While these “pods” – as the company calls them – have already been piloted commercially, regulatory hurdles has led Einride to adopt a two-pronged approach that also involves human-driven electric trucks as an intermediary step toward autonomy. These vehicles are already available to shipping companies and carriers in Sweden and the US.
Singapore state investor Temasek’s website lists transportation and industrials as a key area it has invested in. Its portfolio companies in this segment include Malaysia-headquartered used car marketplace Carro in which its unit Anderson Investments invested $30 million a year ago.