Digital manufacturing startup looks to spur growth with SPAC deal

May 17, 2021 // By Rich Pell
Digital manufacturing startup looks to spur growth with SPAC deal
Software-defined manufacturing company Bright Machines has announced that it has entered into a definitive merger agreement with special purpose acquisition company (SPAC) SCVX (NYSE: SCVX) that will result in Bright Machines becoming a publicly listed company.

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


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