Forterra, the company redefining autonomy and mission-system interoperability for defence and logistics, announced the closing of a $238 million Series C financing comprised of equity and debt. The round is led by Moore Strategic Ventures with participation from new investors including Salesforce Ventures, Franklin Templeton, Balyasny Asset Management, 645 Ventures, Hanwha Asset Management, 9Yards Capital, RTX Ventures and NightDragon, alongside existing investors XYZ Venture Capital, Hedosophia and Enlightenment Capital. A long-time backer, Crescent Cove provided both equity and debt, reaffirming support since Forterra’s Series A in 2021.
Forterra’s mission is to set the operating standard for autonomy in the most complex, high-stakes environments. Its systems are built to automate platforms and transform operations for entire fleets and missions in an intelligent, flexible manner without compromise.
“Autonomous systems are an operational imperative,” said Josh Araujo, Chief Executive Officer of Forterra. “This funding propels Forterra’s mission to be the connective tissue of modern operations. Our interoperable mission modules and autonomous stack are already enabling a new generation of platforms to move, sense and act without limits.”
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Forterra said the funds will support its continued innovation in communications, command and control systems and enhance production capacity for edge computing platforms serving defence and emerging mission domains. This financing comes as Forterra expands deployment of its autonomous stack and interoperable mission modules that enable fleets to move, sense and act without limits.
Among Forterra’s recent contract wins are the U.S. Department of Defense’s first ground autonomy Program of Record (ROGUE Fires); a US $114 million contract to field autonomous breaching systems for the U.S. Army; participation in the Army’s GEARS program; and the Army’s UxS program for unmanned tactical platforms. Partnerships include OEMs and mission-system integrators such as BAE Systems, Raytheon, Volvo Defense and CHAOS Industries.
With the closing of this Series C, Forterra fortifies its leadership position in delivering autonomous mission systems and ensuring that defense customers have the modular, intelligent, interoperable platforms required to maintain operational advantage.
SOURCE: Forterra