Leading self-driving technology company Forterra announced it has raised $75 million in Series B funding. This funding round was more than 2.5x oversubscribed.
This funding round was led by Moore Strategic Ventures, XYZ Venture Capital, and Hedosophia, with participation from Standard Investments and existing investors, including Enlightenment Capital, Crescent Cove Advisors, and Four More Capital. This new funding will enable Forterra to accelerate and scale the deployment of their autonomous driving system (ADS) AutoDrive, with defense and industrial customers.
This funding round follows a series of significant milestones for Forterra over the past year, including:
— The first successful deployment of autonomous driving systems (ADS) on the first production program in the Department of Defense (DoD) – The Remotely Operated Ground Unit for Expeditionary (ROGUE) Fires
— A strategic partnership with Kalmar for the production of self-driving yard trucks for global distribution
— Forterra is also delivering capabilities on these DoD ground autonomy programs, including:
1.) The Robotic Combat Vehicle (RCV)
2.) The Ground Expeditionary Autonomous Retrofit System (GEARS)
3.) The Small Multi-purpose Equipment Transport (SMET) with operational units
These efforts enable the DoD to scale logistics capabilities and firepower without adding people to combat units.
KEY QUOTES:
“Forterra has proven that self-driving technology can be deployed today to solve real-world challenges in demanding environments. We are committed to improving the lives and safety of soldiers, Marines, and industrial workers, by taking people out of harm’s way with AutoDrive. This funding allows us to further develop, test, and deploy self-driving platforms with ever-increasing capabilities for both defense and industrial applications.”
-Josh Araujo Forterra CEO
“We can’t imagine a team better suited to take on these challenges — of everyone in the market, they have the right to win given their firsthand experience on the battlefield and interacting with government buyers. They know exactly what these machines need to be capable of doing and have the acumen and connections to move fast and build the best solutions. We see a lot of defense tech at XYZ, and Forterra is uniquely set up for product-market fit.”
-Ross Fubini, Managing Partner of XYZ Venture Capital, which co-led this round
“We believe in the potential for autonomous technology to disrupt many high-cost, low-margin business models. In its approach to both industrial and off-road autonomy, Forterra is setting a new standard for excellence across logistics, industry, and defense. We’re excited to partner with the company in its next stage of growth.”
-Logan Ashcraft, Principal at Standard Investments
