Eagle-Tribune
Hertha Metals Secures $133.65M Series A to Produce High-Purity Iron for Domestic Rare-Earth Magnets
xCruzo Brief
Hertha Metals said it closed a $133.65 million Series A round to produce high-purity iron aimed at supporting domestic rare-earth magnet manufacturing. The company, based in Conroe, Texas, received $65 million in equity from the U.S. government through the Industrial Base Analysis and Sustainment (IBAS) program, in partnership with the Economic Defense Unit. The round was co-led by Khosla Ventures and Doerr Capital, with additional participation from CEV, Pear Ventures, Gates Frontier, Niterra SUISO no MORI Fund (Global Brain), Toyota Ventures, and Siemens Financial Services. IBAS is a federal program focused on strengthening and modernizing the defense industrial base.
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