ST. LOUIS, Nov. 4, 2021 /PRNewswire/ -- Intramotev, a technology company developing autonomous zero-emissions rail solutions, announced today that it has closed investment from Idealab X, the early stage venture capital fund. The infusion of capital will accelerate the development of Intramotev's commercial demonstration vehicle and proprietary rail autonomy software. The technology has promise to disrupt traditional rail as well as applications within mining, ports, and intermodal freight movement.
Allen Morgan, a storied investor with 40-years of investing in successful Silicon Valley startups and member of the Idealab Studio board of directors, will join the Intramotev board. Casey Cathcart, founder and CEO of Cathcart Rail, a leading freight rail services and transportation company that employs 800 people nationwide, has joined Intramotev as a strategic advisor.
"Intramotev is passionate about developing technologies that will transform freight movement. Every day, up to 900,000 of the 1,600,000 active railcars in the US don't move at all, and loaded railcars sit on average for 24.6 hours on each leg of their journey waiting for diesel locomotives. We envision a future in which freight can move itself without waiting for a locomotive, making the system more efficient and environmentally friendly. The current supply chain crisis further demonstrates the need for technologies which can increase capacities of the existing freight infrastructure," said Tim Luchini, Chief Executive Officer of Intramotev. "Partnering with Idealab X gives us substantial resources to bring our groundbreaking new solutions to life, as well as lean on the playbook and legacy of Idealab X, whose mission is to fund companies that are solving important problems in the world."
"Cathcart Rail is excited to support Intramotev's prototype building and testing," said Casey Cathcart. "The technology is a revolutionary approach to streamlining in-plant and captive service rail operations, and quite possibly the broader rail network in the future. Fundamentally, it aligns with, and should improve, precision scheduled railroading (PSR) methodologies of timed dispatching and delivery reliability. And I'm personally honored to be assisting the team with their development and vision for the next generation of rail operations and safety."
"It's an honor to have incubated Intramotev at Idealab NY, Inc. and to have the opportunity to further partner with Intramotev and Idelab X in lessening the 37 million metric tons of greenhouse gases that locomotives emit into our atmosphere every year," said Jonathan Cohen, Co-Founder of Idealab NY and Idealab X. "Intramotev is a nice fit with the other Clean Tech companies in our IdealabX portfolio -- Energy Vault, Heliogen, Flowing Energy, and Carbon Capture -- who are all doing their part to reduce the amount of carbon in our atmosphere," said Allen Morgan, Co-Founder of Idealab NY and IdealabX.
About Intramotev
Intramotev is a high-technology company focused on transforming the future of freight movement by developing autonomous, zero-emission rail vehicles. Founded in 2020 in Saint Louis, MO, by Tim Luchini, PhD, Corey Vasel, and Alex Peiffer, intramotev's solutions will help decarbonize and improve asset utilization in the supply chain by reducing diesel locomotive use for the $690B worth of goods moved by rail annually in the US. www.intramotev.com
About IdealabX
IdealabX invests in early-stage startups that are solving big problems in the world in Energy, AI, Mobility, and Advanced Manufacturing. IdealabX seeks to mitigate risk and optimize returns by investing early and dedicating time, relationships, and expertise at the optimal point of value/opportunity. www.idealabx.vc
About Idealab NY
Idealab NY ("INY") is a venture studio focused on the earliest stage of a company creation — from idea to establishing product/market fit. INY looks for big problems in the world to solve, and then co-founds companies with extraordinary entrepreneurs to turn the most commercially promising solutions into thriving businesses. www.idealabny.com
Press contact: press@intramotev.com
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SOURCE Intramotev
