The new investment was led by Lux Capital and brings the Nigerian defence technology company’s total funding to $34 million since it launched in 2024.

The extension round also drew participation from 8VC, Nova Global, and Resiliience17 Capital, a firm founded by Flutterwave chief executive Olugbenga Agboola.

Terra Industries was founded by Nathan Nwachuku, 22, and Maxwell Maduka, 24. The company designs infrastructure and autonomous systems that help governments monitor and respond to security threats. 

Based in Nigeria, the startup has begun expanding into other African countries, though it has not yet named them.

Terrorism is a major threat across parts of Africa. Many countries still depend on intelligence and defence systems supplied by Russia, China or Western nations. 

In January, Nwachuku said he wanted to build “Africa’s first defence prime, to build autonomous defence systems and other systems to protect our critical infrastructure and resources from armed attacks.”

At that time, Terra had secured its first federal contract. The company now serves both government and commercial clients. Nwachuku said Terra has generated more than $2.5 million in commercial revenue and is protecting assets valued at about $11 billion.

He said the latest funding came together in under two weeks because of “strong momentum.” Investors, he added, saw “faster-than-expected traction” in new deals and partnerships, which pushed them to increase their commitments quickly.

Part of that growth includes a contract with AIC Steel. The agreement allows Terra to set up a joint manufacturing facility in Saudi Arabia to build surveillance infrastructure and security systems. “It’s our first major manufacturing expansion outside Africa,” Nwachuku said.

The company is now focusing on countries in sub-Saharan Africa and the Sahel, where infrastructure security remains a pressing issue. “The priority is working with countries where terrorism and infrastructure security are major national concerns,” he said.

He also pointed to the scale of the problem. “We’re focused on targeting major economies where the need for infrastructure security is urgent and where our solutions can make a meaningful impact. That’s how we think about expansion.”

Defence technology is capital-intensive. In the United States, companies such as Anduril Industries have raised more than $2.5 billion, while Shield AI has secured around $1 billion in equity funding. 

Drone maker Skydio has raised about $740 million, and naval autonomous vessel company Saronic has secured roughly $830 million.

Terra Industries funding is smaller by comparison. Even so, its rapid fundraising and early contracts imply that investors are getting more interested in defence innovation on the continent. 

The bid, reportedly worth $97.4 billion, was led by Musk’s AI company, xAI, alongside other investors, including Baron Capital, Vy Capital, and 8VC.

Altman wasted no time in dismissing the proposal. Taking to X, he responded with a pointed comment: “No thank you but we will buy Twitter for $9.74 billion if you want.” His comment referenced the sharp decline in value of the social media platform since Musk purchased it for $44 billion in 2022.

Musk, known for his frequent online clashes, retaliated by posting a video of Altman’s 2023 testimony before Congress, captioning it “Scam Altman.” The two have long been at odds over OpenAI’s direction, with Musk advocating for an open-source approach while Altman steers the company towards commercial expansion.

This follows Musk’s issues against OpenAI and Altman, in which he accused them of straying from their original non-profit mission. Although he later dropped the lawsuit after internal emails surfaced showing he had been aware of OpenAI’s shift towards a for-profit model, he has remained vocal about the company’s trajectory.

“If OpenAI wants to go fully for-profit, it must fairly compensate the charity for what it’s taking,” said Marc Toberoff, Musk’s lawyer.

OpenAI, which was valued at $157 billion last year, has drawn huge investments, including a reported $40 billion deal with SoftBank. The firm is also linked to the $500 billion “Stargate” AI project, announced under former U.S. President Donald Trump.

Even with Musk’s persistence, OpenAI’s board has shown no interest in engaging with his offer. However, Musk’s investor group remains open to raising their bid, noting that this battle over OpenAI’s fate is far from over.

The round was co-led by 8VC, Matrix Partners India, and Nexus Venture Partners, bringing the company’s total funding to $45 million.

Rocketlane addresses the challenges faced by professional services teams who are often burdened with disparate tools and legacy systems. The platform integrates project management, AI capabilities, and client communication to simplify operations, reduce inefficiencies, and enhance project visibility.

Over the past year, Rocketlane has tripled its revenue and grown its customer base to over 500, including enterprises transitioning from legacy Professional Services Automation (PSA) tools. Notable customers include OpenGov, LivePerson, Fivetran, Personio, and Zenoti.

Srikrishnan Ganesan, CEO & Co-founder of Rocketlane, stated, “Our unique combination of high-velocity innovation and robust capabilities sets us apart. This new investment will accelerate our AI roadmap and redefine the client portal experience. We are well-equipped to handle rapid growth and continue delivering exceptional value to our clients.”

Rocketlane’s AI-driven platform helps SaaS providers, especially those in the AI sector, accelerate onboarding, shorten time-to-value, and boost net revenue retention. Recent AI functionality enhancements are part of the company’s strategy to maintain its competitive edge.

Rocketlane’s success is reflected in its recognition as the G2 Momentum Leader in the PSA category for three consecutive quarters and its achievement of 199 G2 badges in the Spring 2024 report.

Founded in April 2020 by Srikrishnan Ganesan, Vignesh Girishankar, and Deepak Bala, Rocketlane was born out of the founders’ experiences with their previous startup, FreshChat, which was acquired by Freshworks in 2015.

Bhaskar Ghosh, Partner at 8VC, commended Rocketlane, saying, “Rocketlane has replaced legacy PSA approaches with elegant software and rapid deployment. We are thrilled to continue supporting this visionary team.”

Jishnu Bhattacharjee of Nexus Ventures Partners and Vikram Vaidyanathan of Matrix India also expressed their support, highlighting Rocketlane’s industry-leading AI-powered product and rapid market adoption.

Rocketlane’s growth strategy includes the appointment of Rao Adavikolanu as Chief Marketing Officer to enhance market presence and strategic initiatives. Looking forward, the company is focused on attracting top talent and executing its AI-first roadmap to transform onboarding and project deliveries.

Siva Rajamani, CEO of Everstage, noted the impact of Rocketlane, “We have accelerated customer wins by 35% and strengthened partnerships from the start of the journey. Rocketlane elevates our customer experience with strong automation and consistency.”

Rocketlane continues to be the go-to choice for professional services firms seeking to optimize project delivery and utilization margins.