Autonomous Military Vehicle Startup Snags Over $1 Billion Value

Forterra, a startup that makes autonomous technology for vehicles on the battlefield, has raised $238 million in a new funding round that lifts its valuation to more than $1 billion.

The company’s vehicles are capable of operating individually or as a group, or “swarm,” conducting surveillance and carrying items including missiles and computing hardware to support AI technology. The new cash infusion, $50 million of which is debt, was led by Moore Strategic Ventures. The company will use the money to speed production of what Chief Executive Officer Josh Araujo calls the “Swiss army knife” of military autonomous vehicles.

Hundreds of Forterra’s systems are currently in use, Araujo ...