Is Bright Machines merging with SPAC?

Opinions

Ella Jones, Deputy Editor In Chief

Date: 01.06.2021

Bright Machines is merging with a special-purpose acquisition company to go public in a deal that values the manufacturing-automation business at $1.6 billion, the companies said.

The creator of a platform that uses artificial intelligence and robotics to automate tasks in manufacturing, Bright Machines is combining with the SPAC.

Founded in 2018, Bright Machines says its “microfactories” can be programmed to complete manufacturing tasks tied to assembly and inspection and continue improving as they repeat them. The San Francisco-based company currently has about 25 customers, according to its website. Its existing investors include BMW iVentures—the venture-capital arm of auto maker BMW AG—Eclipse Ventures and Lux Capital.

Bright Machines is expected to generate about $435 million in cash proceeds from the roughly $230 million held by the SPAC and $205 million from a private investment in public equity, or PIPE, associated with the merger. SoftBank Group Corp and Fidelity Investments are participating in the PIPE.

by Ella Jones | Linkedin

#News #IPO #ICO #BrightMachines #Wcryptn.com

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