Forterra raised $75 million in a Series B round in September 2024, led by Moore Strategic Ventures, XYZ Venture Capital, and Hedosophia. The company has raised at least $303 million in total funding across two primary rounds.

The company's previous major funding event was a $228 million Series A round in December 2021 when it operated as Robotic Research, led by SoftBank Vision Fund 2 and Enlightenment Capital. Other key investors across both rounds include Standard Investments, Crescent Cove Advisors, Henry Crown & Company, Luminar Technologies, and Four More Capital.

Forterra is an autonomous vehicle platform that retrofits existing military and commercial vehicles with self-driving capabilities designed for GPS-denied, off-road environments. The core product, AutoDrive, combines ruggedized sensors including LiDAR, radar, cameras, and GPS systems with edge computing hardware and proprietary software for perception, localization, and vehicle control.

Users interact with Forterra's systems through TerraLink, a command-and-control interface where operators can draw missions on a map, such as moving trailers between dock locations or repositioning military equipment across rough terrain. The system handles real-time mapping and obstacle avoidance while allowing remote supervisors to monitor live feeds and intervene when necessary through teleoperation capabilities.

The platform targets two primary user groups: military personnel operating logistics convoys and missile launcher systems in contested environments, and commercial fleet operators managing yard trucks in ports, distribution centers, and industrial facilities. Forterra's technology has been deployed across more than 70 different vehicle types, from small robotic platforms to 80-ton industrial tractors, emphasizing platform-agnostic integration rather than purpose-built vehicles.

Forterra operates a B2B dual-use business model that leverages a single autonomous driving platform across both defense and commercial markets. The company generates revenue through hardware sales, software licensing, and ongoing support services, with pricing structured around complete system deployments rather than per-vehicle subscriptions.

The business model centers on vertical integration of hardware and software components, allowing Forterra to control the entire autonomy stack from sensors to vehicle control systems. This approach enables the company to optimize performance for extreme environments while maintaining higher margins compared to software-only competitors.

Forterra's go-to-market strategy emphasizes partnerships with established OEMs like Kalmar and Oshkosh Defense, allowing the company to reach customers through existing sales channels while avoiding the capital requirements of manufacturing complete vehicles. The defense side of the business provides higher-margin revenue that subsidizes the development costs for commercial applications, creating a flywheel where military-grade ruggedization translates into competitive advantages in industrial settings.

The company's cost structure benefits from economies of scale across both markets, as the same core technology platform serves multiple customer segments with different form factors and integration requirements.

Anduril represents the most significant competitive threat through its Lattice software platform and integrated approach to defense systems. The company's recent DIU awards for Robotic Combat Vehicle programs position it as both a software provider and systems integrator, potentially allowing Anduril to bundle autonomy capabilities at reduced costs to secure larger hardware contracts. Palantir's expansion into autonomy through its Apollo platform creates another vertically integrated competitor that could leverage its existing defense relationships to capture ground vehicle autonomy contracts.

Applied Intuition poses a horizontal competitive threat with its $15 billion valuation and comprehensive simulation and vehicle OS platform. The company's recent Army pilot demonstrated rapid deployment capabilities by converting infantry vehicles to autonomous operation in just 10 days, highlighting the potential for modular software approaches to undercut integrated hardware-software solutions. Scale AI's selection for DIU machine learning and autonomy pipeline work leverages its data labeling and foundation model capabilities to compete in the perception and training aspects of autonomous systems.

In the commercial space, Forterra faces competition from companies targeting specific industrial applications like mining and port operations. These competitors often focus on single-use cases with purpose-built vehicles, potentially offering lower costs for specific applications while lacking the platform flexibility that Forterra provides across multiple vehicle types and environments.

Forterra's core AutoDrive platform enables expansion into adjacent autonomous vehicle markets beyond its current focus on logistics and tactical vehicles. The company's sensor fusion and edge computing capabilities position it to address construction equipment, agricultural machinery, and mining vehicles where GPS-denied operation and rugged environmental conditions create similar technical requirements. The modular nature of the platform allows for rapid adaptation to new vehicle types without rebuilding core autonomy algorithms.

Geographic expansion represents a significant growth opportunity, particularly among NATO allies and international defense customers who require NDAA-compliant autonomous systems. The company's existing presence across four continents and relationships with over 10 allied militaries provide a foundation for scaling defense sales internationally. On the commercial side, Forterra's partnership with Kalmar creates immediate access to global port operators and distribution centers that already use Kalmar equipment, enabling rapid market penetration without direct sales efforts.

The Kalmar partnership model provides a template for similar white-label integrations with other heavy equipment manufacturers in construction, agriculture, and mining sectors. These partnerships allow Forterra to monetize its technology through royalties and licensing agreements while leveraging established OEM sales channels and customer relationships. Potential acquisitions of drive-by-wire actuator companies or specialized sensor fusion software providers could deepen vertical integration and create additional competitive moats.

Procurement delays: Forterra's defense revenue depends heavily on DoD budget cycles and program timelines that can shift dramatically based on political priorities and fiscal constraints. The company's multi-program approach provides some protection, but significant delays or cancellations in key programs like the Army's ATV-S or Marine Corps logistics initiatives could substantially impact growth projections and force the company to rely more heavily on commercial markets that may not yet provide sufficient scale.

Technology commoditization: As edge computing costs continue falling and LiDAR sensors become more affordable, the barriers to entry for autonomous vehicle platforms are decreasing rapidly. Software-first competitors with lower overhead structures could potentially replicate Forterra's capabilities at reduced costs, particularly in commercial applications where extreme ruggedization requirements are less critical than in military environments.

Integration complexity: Forterra's business model requires successful integration with multiple OEM partners and their existing manufacturing processes, creating dependencies on external companies' product roadmaps and go-to-market strategies. Any significant changes in partner priorities, financial difficulties among key OEMs, or shifts in their technology strategies could disrupt Forterra's ability to reach end customers and scale production effectively.