"Just one month after raising $11.75 million in a round led by Joe Lonsdale's 8VC, African defensetech Terra Industries announced that it's raised an additional $22 million in funding, led by Lux Capital. Nathan Nwachuku, 22, and Maxwell Maduka, 24, launched Terra Industries in 2024 to design infrastructure and autonomous systems to help African nations monitor and respond to threats."
"In January, CEO Nwachuku said his goal was to build "Africa's first defense prime, to build autonomous defense systems and other systems to protect our critical infrastructure and resources from armed attacks." At the time, Terra had just won its first federal contract. The company has government and commercial clients, and Nwachuku said Terra had already generated more than $2.5 million in commercial revenue and was protecting assets valued at around $11 billion."
"He said this extension round came fast due to "strong momentum." Other investors in the round include 8VC, Nova Global, and Resiliience17 Capital, which was founded by Flutterwave CEO Olugbenga Agboola. Nwachuku said investors saw "faster-than-expected traction" regarding deals and partnerships, which created urgency to preempt and increase their commitment. The round came about in just under two weeks, bringing the company's total funding to $34 million."
Terra Industries secured an additional $22 million led by Lux Capital, increasing total funding to $34 million after a prior $11.75 million round. Founders Nathan Nwachuku (22) and Maxwell Maduka (24) launched the company in 2024 to design infrastructure and autonomous systems for African nations to monitor and respond to threats. Terra serves government and commercial clients, has generated over $2.5 million in commercial revenue, protects assets valued near $11 billion, and is expanding into additional African countries amid strong investor momentum and rapid deal traction.
Read at TechCrunch
Unable to calculate read time
Collection
[
|
...
]