TLDR:
- Forterra, a self-driving technology company, closes a $75 million Series B round co-led by Moore Strategic Ventures
- The funding will accelerate the development, testing, and deployment of their AutoDrive autonomous driving system for defense and industrial applications
In a recent development, Clarksburg, Md.-based Forterra, specializing in self-driving technology for defense and industrial purposes, has secured a $75 million Series B round co-led by Moore Strategic Ventures, XYZ Venture Capital, and Hedosophia. Other investors include Standard Investments, Enlightenment Capital, Crescent Cove Advisors, and Four More Capital. Forterra’s CEO, Josh Araujo, a former Marine, highlighted the company’s commitment to improving safety for soldiers, Marines, and industrial workers with their AutoDrive technology.
The funding will allow Forterra to further develop, test, and deploy their autonomous driving platforms with enhanced capabilities. The U.S. Department of Defense is a key client, utilizing Forterra’s AutoDrive for ground-based movement. The company offers various products, such as fully autonomous convoy vehicle systems and commercial shuttles. Standard Investments sees Forterra as setting a new standard in logistics, industry, and defense with their autonomous technology capabilities.
Forterra has recently achieved significant milestones, including successful deployment of autonomous driving systems on Pentagon’s ROGUE Fires program and forming a strategic partnership with Kalmar for self-driving terminal tractors production. With a team well-versed in battlefield experience and government interactions, Forterra is poised to lead in the autonomous technology sector. Alberto Lacaze, the Chairman of Forterra, founded the company in 2002 and holds over 100 patents in robotics.
