Forterra, a leading self-driving technology company, today announced its $75 million Series B fundraise that was more than 2.5x oversubscribed. The 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.
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The new funding will enable Forterra to accelerate and scale the deployment of their autonomous driving system (ADS), AutoDrive®, with defense and industrial customers.
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“Forterra has proven that self-driving technology can be deployed today to solve real-world challenges in demanding environments,” said Josh Araujo Forterra CEO. “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.”
“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,” says Ross Fubini, Managing Partner of XYZ Venture Capital, which co-led this round. “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.”
Logan Ashcraft, Principal at Standard Investments, said “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.”
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 production of self-driving terminal tractors for global distribution.
About Forterra
Forterra (Formerly RRAI) is a leading provider of autonomous systems for ground-based movement in the working world. The company is among the earliest innovators in the field of driverless technology, focused on building systems which protect front-line soldiers and enable civilian workers in our industrial base. Forterra is a go-to provider of autonomous solutions for the U.S. Department of Defense, which harnesses autonomy for asymmetric warfare in critical conditions.
