Forterra Secures $238M in Funding Amid Surge in Defense Tech Investment
A quiet but significant shift is unfolding in defense tech. Forterra , a Maryland-based startup developing autonomous systems for military vehicles, has raised $238 million in new funding led by Moore Strategic VenturesDealroom has a profile for this one. Try Dealroom → , pushing its valuation past the $1 billion mark. The round also saw participation from Franklin Templeton , Salesforce Ventures , and others — with about $50 million structured as debt.
Forterra’s software and hardware stack allows vehicles to operate autonomously or as coordinated “swarms,” performing tasks from mine sweeping to missile transport and AI computing support. The company works with established defense players like Volvo Defense , Oshkosh Defense , and Raytheon’s RTX , layering its technology onto existing platforms. CEO Josh AraujoDealroom has a profile for this one. Try Dealroom → describes Forterra’s vehicles as a “Swiss army knife” for the battlefield — adaptable, modular, and already deployed in active operations.
The new capital will be used to double production to 1,000 units next year and expand the company’s mission scope in line with evolving Pentagon priorities, including mobile AI and missile launch systems. Forterra currently employs around 500 people and has secured a $114 million U.S. Army contract , a sign of growing institutional trust in startup-led defense innovation.
Venture capital’s interest in defense technology has surged, with investors pouring $28 billion into the sector this year alone. For firms like Franklin Templeton, Forterra represents the sweet spot between national security demand and frontier tech opportunity — a company “in the right place at the right time,” as managing director James Cross put it.
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