Swedish autonomous transportation technology company Enroid announced Thursday that it has raised more than $113 million in private equity in a public equity (PIPE) financing, surpassing its $100 million target and signaling strong investor interest in autonomous trucks as the company prepares to go public.
Capital increase by special purpose acquisition firm Legato Merger Corp. III supports Einride’s proposed merger, bringing the total committed investment to approximately $213 million with an equity value of $1.35 billion previously. The transaction is expected to deliver approximately $333 million in gross proceeds, including PIPE financing and $220 million from Legato’s cash trust before accounting for potential redemption and transaction costs.
PIPE’s funding attracted new and existing investors, including Stockholm-based EQT Ventures and an unnamed global asset management company based on the US West Coast.
“This PIPE reflects investors’ strong belief in Ironride’s mission to transform global shipping through autonomous and electrified technology,” said Rosebeh Charlie, CEO of Ironride. “With this additional capital, we believe we are well positioned to scale the commercial deployment of electric and autonomous shipping solutions with both existing and new customers, while continuing to invest in our driving automation system and intelligent shipping platform.”
The acquisitions will support Eneroid’s technology roadmap and global expansion, including independent deployments in North America, Europe and the Middle East. The company also plans to develop commercial applications of its intelligent freight platform, including AI-powered planning and optimization, autonomous technology, the world’s largest electric fleet and charging infrastructure.
“Eneroid continues to demonstrate leadership at the intersection of autonomy, electrification and logistics,” said Eric Rosenfeld, president of Legato’s SPAC. “We believe this PIPE investment highlights Einride’s strong value proposition and long-term growth opportunity as the company prepares to enter the public markets.”
Subject to shareholder and regulatory approvals, the combined company expects to list its ordinary shares on the New York Stock Exchange in the first half of 2026 under the proposed ticker symbol “ENRD”.
Einride, founded in 2016, previously announced its plans to special-purpose acquisition firm Legato Merger Corp. III through a merger announced last November.
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