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Benzinga
Benzinga
Business
Rachit Vats

Former SpaceX Engineers' Electric Railroad Startup Raises $49.5M In Series A Funding

Parallel Systems, an electric railroad startup, said on Wednesday it has raised $49.55 million in Series A funding to build autonomous battery-electric rail vehicles to move freight.

What Happened: The Culver City, California-based startup was founded in 2020 by three former SpaceX engineers.

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