Parallel Systems Closes $100M Series C Led by AVP

Parallel Systems, which the announcement describes as the world's leading battery-electric autonomous freight rail company, has closed its Series C round with $100 million in new capital.

AVP led the round, according to the company, and joins as a new investor alongside Hillspire, Agility Global, and Cobalt Capital. Existing backers Anthos Capital, Congruent Ventures, Riot Capital, and Collaborative Fund also participated.

The Los Angeles-based company said the funding will support full commercialization, expansion into international markets, and scaling of manufacturing for its third-generation Panther rail vehicle. Parallel Systems has assembled a team of engineers and rail operations professionals to carry out that work.

Parallel Systems was founded in 2020 by Matt Soule, who spent 13 years with SpaceX before starting the company. That background places it among a group of ventures applying electric drivetrains and autonomous software — technologies largely proven in other transport modes — to freight rail, a sector where the announcement positions the company at the front of the battery-electric autonomous pack.

The Series C is a mix of new and returning capital. AVP's role as lead marks the arrival of a new institutional anchor, while the participation of Anthos Capital, Congruent Ventures, Riot Capital, and Collaborative Fund signals continued support from investors who had already backed the company. Hillspire, Agility Global, and Cobalt Capital round out the new names.

The capital comes as Parallel works to move from development toward commercialization — the announcement frames the round explicitly around that transition, along with international market entry and manufacturing scale for the Panther platform. The company did not disclose a valuation, revenue figures, or additional terms of the round.