Autonomous Military Vehicle Startup Forterra Raises $238 Million, Reaches Unicorn Status
Forterra has raised $238 million through Series C equity and debt financing to further develop its autonomous mission systems for defense and logistics applications, lifting its valuation to over $1 billion. The funding round was led by Moore Strategic Ventures, with participation from new investors, such as Salesforce Ventures, Franklin Templeton, Balyasny Asset Management, 645 Ventures, Hanwha Asset Management, 9Yards Capital, and NightDragon, alongside existing investors, XYZ Venture Capital, Hedosophia, and Enlightenment Capital. Crescent Cove, which supported Forterra’s Series A in 2021, also contributed both equity and debt to this round.
The company plans to use the funds to accelerate production of what Chief Executive Officer, Josh Araujo, describes as the “Swiss army knife” of military autonomous vehicles. Araujo stated that the new investment will enable annual production to increase to 1,000 units by 2026. The CEO added, “This funding supports Forterra’s objective to serve as the foundation of modern operations. Our interoperable mission modules and autonomous stack are facilitating the deployment of advanced platforms capable of operating without constraints.”
Founded in 2002 as Robotic Research Autonomous Industries (RRAI) by Alberto Lacaze and Karl Murphy, Forterra rebranded in early 2024. Headquartered in Clarksburg, Maryland and employing roughly 300 employees, Forterra specializes in scalable hardware and software platforms that enable autonomous land systems to operate independently or together in a “swam,” promoting interoperability within military and industrial sectors. The company’s vehicles perform surveillance and transportation of items such as missiles and computing equipment that support AI technology. Araujo stated that hundreds of Forterra systems are currently deployed, with some actively performing mine sweeping in combat zones.
Recent achievements include securing a $114 million Army prime contract for autonomous breaching systems, a production agreement with the Marine Corps for ROGUE Fires, Phase II participation in the Army’s GEARS program, and a $4.8 million award under the Army Uncrewed Systems Program. Additionally, Forterra has established partnerships with Volvo Defense, BAE Systems, CHAOS Industries, and RTX’s Raytheon. These initiatives reflect a significant transformation in the industry: defense clients now require systems that are intelligent, modular, and interoperable throughout complex command structures in all operational domains.
Robert Keith, partner at Salesforce Ventures, noted, “Forterra has delivered comprehensive hardware and operating system solutions essential for the evolution of autonomous ground operations. Their success in obtaining contracts for significant programs of record distinguishes them among leading defense technology firms. We look forward to supporting Forterra’s continued growth.”
In October, Forterra acquired goTenna, a provider of tactical mesh networking technology, to enhance its portfolio of autonomous mission systems and communication capabilities.
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