Industrial automation startup Bright Machines hauls in $435M by going public via SPAC

May 17, 2021 at 19:15

Bright Machines is going public via a SPAC-led combination, it announced this morning.
The transaction will see the 3-year-old company merge with SCVX, raising gross cash proceeds of $435 million in the process.
After the transaction is consummated, the startup will sport an anticipated equity valuation of $1.6 billion.
The Bright Machines news indicates that the great SPAC chill was not a deep freeze.
And the transaction itself, in conjunction with the previously announced Desktop Metal blank-check deal, implies that there is space in the market for hardware startup liquidity via SPACs.
Today we’re first looking at what Bright Machines does, and then the financial details that it shared as part of its news.
What’s Bright Machines?
Bright Machines is trying to solve a hard problem related to industrial automation by creating microfactories.
While robotics has been around in one form or another since the 1970s, for the most part, it has lacked real intelligence.
Bright Machines wants to change that.
What it’s trying to do is completely transform manufacturing using machine learning.
AutoDesk itself has been trying to transform design and manufacturing in recent years, so it was logical to bring these two experienced leaders into the fold.