TerraFirma, an Austin-based construction startup founded by two former SpaceX engineers, raised $115 million on Tuesday in a funding round backed by Kleiner Perkins, Bain Capital Ventures, SpaceX, Anduril, and Hadrian. The company develops remotely operated construction equipment using interfaces including Xbox controllers, aiming to reduce costs and improve safety in the construction industry. Co-founder and CEO Noah Schochet stated that infrastructure represents a bottleneck to innovation across industries over the coming decades, and the company seeks to apply advanced technology to construction. TerraFirma emerged from the growing network of startups founded by SpaceX alumni capitalizing on the space economy.
TerraFirma Secures $115 Million from Major Investors
TerraFirma announced the funding round on Tuesday with participation from venture capital firms Kleiner Perkins and Bain Capital Ventures, alongside defense technology companies SpaceX, Anduril, and Hadrian. The two-year-old company positions itself within the infrastructure technology sector, targeting cost reduction and safety improvements in construction operations.
Company Uses Xbox Controllers for Remote Construction Operations
TerraFirma operates construction equipment remotely through a combination of interfaces, including Xbox controllers. The company has completed recent commercial projects including a sports arena and a Starbucks location. Schochet told CNBC that the company aims to bring technology developed over recent decades to the construction industry, addressing what he described as a deficit in technological adoption.
Founders Met at Princeton, Worked at SpaceX
CEO Noah Schochet and co-founder Noah McGuinness met on the first day of engineering class at Princeton University approximately a decade ago. The pair worked on projects together throughout their four-year undergraduate program. After graduation, both joined SpaceX, where McGuinness worked on the Starshield government satellite program and Schochet worked on Starlink and later Starship. Approximately half of TerraFirma's engineering team previously worked at SpaceX, Tesla, or the Boring Company.
TerraFirma Plans 300 New Hires and Texas Factory
The company plans to use the funding to hire 300 employees over the next year. TerraFirma will build both a Texas factory and a mission control center. The firm stated it plans to bid on future moon projects while currently focusing on proving its technology through terrestrial commercial applications.
FAQ
What did TerraFirma announce on Tuesday?
TerraFirma announced it raised $115 million in a funding round with investments from Kleiner Perkins, Bain Capital Ventures, SpaceX, Anduril, and Hadrian.
How does TerraFirma operate construction equipment?
TerraFirma uses a combination of interfaces, including Xbox controllers, to remotely operate construction equipment, with the company stating this approach cuts costs and improves safety.
What are TerraFirma's expansion plans with the new funding?
The company plans to hire 300 employees over the next year and build both a Texas factory and a mission control center.
