Digital manufacturing startup looks to spur growth with SPAC deal
Bright Machines’ intelligent automation platform combines proprietary software with adaptive hardware to automate repetitive tasks, enabling manufacturers to quickly deploy flexible, autonomous production lines that can scale based on market demand. Its technology, says the company, leverages computer vision, machine learning, 3D simulation, and adaptive robotics to fundamentally change the flexibility, scalability, and economics of production.
“At Bright Machines, our mission has been clear from the start: to bring software-defined intelligence down to the factory floor and enable our customers to effortlessly modernize their manufacturing operations,” says Amar Hanspal, CEO and Co-Founder of Bright Machines. “Our industrial automation platform, powered by proprietary software and AI-driven solutions, allows even the most traditional manufacturing companies to quickly and easily deploy flexible automation solutions at scale. We believe that our technology represents a big leap in the transformation of manufacturing, as companies adapt to growing consumer demand, intensifying competition and the refactoring of global supply chains to improve resiliency and sustainability.”
Founded in 2018, the company currently has over 500 employees, including approximately 150 software engineers, and possesses a portfolio of 36 patent filings. It says it has 25 global, blue-chip customers that span essential industries, including network infrastructure, data centers, automotive, consumer products, medical devices, and industrial equipment. The company says it intends to use the funds from the announced transaction to accelerate its growth, which includes expansion into new markets and development of additional value-added software in areas such as production analytics and quality inspection.
The transaction values the company at a pro forma enterprise value of $1.1 billion and a post-transaction equity value of $1.6 billion, and is expected to provide up to $435 million in gross cash proceeds, including $230 million of cash held in trust from SCVX and a private investment in public equity (PIPE) of $205 million. PIPE investors include XN, Hudson Bay Master Fund Ltd., SB Management Limited (a subsidiary of SoftBank Group Corp and manager to SB Northstar LP), Fidelity Management & Research Company LLC, and Alyeska Investment Group.
Mike Doniger, CEO and Chairman of the Board of SCVX, says, “Bright Machines’ innovative, industrial automation technology provides a crucial pathway for manufacturers to upgrade and secure their factories for the realities of the 21st century. Geopolitical tensions and the increasing threat of cyberattacks on manufacturing facilities are making it even more important for companies to minimize their supply chain risks and prepare for a world of distributed manufacturing.”
“The momentum we have seen from Bright Machines in the nascent but critical space of software-defined manufacturing proves the strength of their solution and strategy,” says Doniger. “They are dramatically improving the speed and economics associated with the adoption of smart production lines and, eventually, fully programmable factories. We are thrilled to be partnering with Bright Machines and look forward to working together to revolutionize how products get made.”
Carl Bass, Chairman of the Board at Bright Machines and former CEO of Autodesk, Inc. adds, “It is clear that Bright Machines’ differentiated, software-driven approach to industrial automation has the potential to completely upend traditional manufacturing methods. The company has demonstrated product-market fit and is seeing accelerating customer interest and broad deployment of their solutions. The opportunity in front of the team is simply enormous.”
Current Bright Machines shareholders, including Eclipse Ventures, Lux Capital, and BMW i Ventures, will roll 100% of their equity into the combined company. Upon completion of the merger, Bright Machines intends to trade under the ticker symbol “BRTM.”
Related articles:
Robotics software startup wants to make factories smarter
Digital manufacturing platform to list on NYSE via SPAC deal
White paper: Adaptive robots and the future of industrial automation
AI and cloud-based additive manufacturing platform makes SPAC deal
Smart factories: Choosing the right industrial software
If you enjoyed this article, you will like the following ones: don't miss them by subscribing to :
