The Robot Report

  • Home
  • News
  • Technologies
    • Batteries / Power Supplies
    • Cameras / Imaging / Vision
    • Controllers
    • End Effectors
    • Microprocessors / SoCs
    • Motion Control
    • Sensors
    • Soft Robotics
    • Software / Simulation
  • Development
    • Artificial Intelligence
    • Human Robot Interaction / Haptics
    • Mobility / Navigation
    • Research
  • Robots
    • AGVs
    • AMRs
    • Consumer
    • Collaborative Robots
    • Drones
    • Humanoids
    • Industrial
    • Self-Driving Vehicles
    • Unmanned Maritime Systems
  • Business
    • Financial
      • Investments
      • Mergers & Acquisitions
      • Earnings
    • Markets
      • Agriculture
      • Healthcare
      • Logistics
      • Manufacturing
      • Mining
      • Security
    • RBR50
      • RBR50 Winners 2025
      • RBR50 Winners 2024
      • RBR50 Winners 2023
      • RBR50 Winners 2022
      • RBR50 Winners 2021
  • Resources
    • Automated Warehouse Research Reports
    • Digital Issues
    • eBooks
    • Publications
      • Automated Warehouse
      • Collaborative Robotics Trends
    • Search Robotics Database
    • Videos
    • Webinars / Digital Events
  • Events
    • RoboBusiness
    • Robotics Summit & Expo
    • DeviceTalks
    • R&D 100
    • Robotics Weeks
  • Podcast
    • Episodes
  • Advertise
  • Subscribe

Berkshire Grey going public via SPAC

By Steve Crowe | February 25, 2021

Berkshire Grey

Berkshire Grey, a developer of integrated artificial intelligence and robotic solutions for e-commerce, retail replenishment, and logistics, is going public through a merger with special purpose acquisition company (SPAC) Revolution Acceleration Acquisition Corp (RAAC). The deal values the combined company at $2.7 billion.

Berkshire Grey said it will have approximately $507 million in cash when the deal closes in the second quarter of 2021. The money will be used to fund operations and support new and existing growth initiatives. There is no debt on the company’s balance sheet.

Founded in 2013 by CEO Tom Wagner, who is former CTO of iRobot, Berkshire Grey automates materials handling applications in warehouses and logistics fulfillment centers. It emerged out of stealth mode in 2018. Using proprietary technology, Berkshire Grey offers robotic picking systems and mobile robotics systems, as well as sensing, gripping and machine vision systems. It said its IP is protected by more than 300 patent filings.

“Berkshire Grey was founded to help our customers compete even more favorably in the rapidly evolving worlds of retail and logistics,” said Wagner. “Consumer expectations have changed, putting more pressure on supply chain operations to get the right goods to the right places at the right times, as efficiently as possible. Over the last 12 months the pandemic amplified the already high pressure to transform, so today it is no longer a question of if companies might transform but how quickly. We are incredibly excited about this transaction, which will enable Berkshire Grey to accelerate growth and provide new and existing customers with our leading robotics solutions.”

Berkshire Grey said only about 5% of warehouses are automated today, which highlights the market opportunity for providers of warehouse automation solutions. Berkshire Grey’s customers reportedly include Walmart Target and FedEx. Berkshire Grey reported $35 million in revenue in 2020.

“Today’s consumers expect a better selection of goods, at lower prices, with shipping that is immediate,” said RAAC CEO John Delaney, who will remain on the board of directors of the combined company upon completion of the transaction. “In our judgment, Berkshire Grey’s best-in-class technology and uniquely integrated solutions provide a critical pathway for companies to adapt to these changing needs. The Company’s strong relationships with an installed base of blue-chip clients is a testament to its ability to deliver tangible and measurable results that empower companies to compete even more effectively. Steve Case and I are honored to partner with Tom and the rest of Berkshire Grey’s talented team and investors to realize this singular opportunity to revolutionize how businesses operate.

SPAC craze goings to grow

There were 219 SPAC deals in 2020, and it appears the craze is just getting started in the robotics industry. SoftBank recently announced it is raising $525 million in a blind pool SPAC for investments in artificial intelligence.

Berkshire Grey is backed by Softbank. It participated in Berkshire Grey’s $263 million Series B that closed in January 2020. Other participants in the round included Khosla Ventures, New Enterprise Associates, and Canaan.

Six LiDAR companies have already gone public or will go public via SPACs. AEye became the latest to do so earlier in February. It develops LiDAR sensors for autonomous vehicles and advanced driver assist systems. It is going public through a merger with CF Finance Acquisition Corp. III that will value the company at $2 billion. Aeva, Luminar, Innoviz, Ouster, and Velodyne are the other LiDAR SPAC companies.

Kyle Vogt, co-founder, president & CTO at autonomous vehicle company Cruise, said the LiDAR industry will eventually consolidate, similar to what the robotaxi industry has gone through the last two years.

About The Author

Steve Crowe

Steve Crowe is Executive Editor, Robotics, WTWH Media, and chair of the Robotics Summit & Expo and RoboBusiness. He is also co-host of The Robot Report Podcast, the top-rated podcast for the robotics industry. He joined WTWH Media in January 2018 after spending four-plus years as Managing Editor of Robotics Trends Media. He can be reached at scrowe@wtwhmedia.com

Tell Us What You Think! Cancel reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Related Articles Read More >

Monogram's orthopedic surgery system.
Zimmer Biomet to acquire Monogram Technologies for $177M
A Plus truck driving on a road.
Autonomous trucking developer Plus goes public via SPAC
From left: Pepper, Nao, and Plato from Aldebaran.
Aldebaran, maker of Pepper and Nao robots, put in receivership
Circus Group's CA-1 meal preparation robot.
Circus SE acquires agentic AI company FullyAI

RBR50 Innovation Awards

“rr
EXPAND YOUR KNOWLEDGE AND STAY CONNECTED
Get the latest info on technologies, tools and strategies for Robotics Professionals.
The Robot Report Listing Database

Latest Episode of The Robot Report Podcast

Automated Warehouse Research Reports

Sponsored Content

  • How to Set Up a Planetary Gear Motion with SOLIDWORKS
  • Sager Electronics and its partners, logos shown here, will exhibit at the 2025 Robotics Summit & Expo. Sager Electronics to exhibit at the Robotics Summit & Expo
  • The Shift in Robotics: How Visual Perception is Separating Winners from the Pack
  • An AutoStore automated storage and retrieval grid. Webinar to provide automated storage and retrieval adoption advice
  • Smaller, tougher devices for evolving demands
The Robot Report
  • Automated Warehouse
  • RoboBusiness Event
  • Robotics Summit & Expo
  • About The Robot Report
  • Subscribe
  • Contact Us

Copyright © 2025 WTWH Media LLC. All Rights Reserved. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of WTWH Media
Privacy Policy | Advertising | About Us

Search The Robot Report

  • Home
  • News
  • Technologies
    • Batteries / Power Supplies
    • Cameras / Imaging / Vision
    • Controllers
    • End Effectors
    • Microprocessors / SoCs
    • Motion Control
    • Sensors
    • Soft Robotics
    • Software / Simulation
  • Development
    • Artificial Intelligence
    • Human Robot Interaction / Haptics
    • Mobility / Navigation
    • Research
  • Robots
    • AGVs
    • AMRs
    • Consumer
    • Collaborative Robots
    • Drones
    • Humanoids
    • Industrial
    • Self-Driving Vehicles
    • Unmanned Maritime Systems
  • Business
    • Financial
      • Investments
      • Mergers & Acquisitions
      • Earnings
    • Markets
      • Agriculture
      • Healthcare
      • Logistics
      • Manufacturing
      • Mining
      • Security
    • RBR50
      • RBR50 Winners 2025
      • RBR50 Winners 2024
      • RBR50 Winners 2023
      • RBR50 Winners 2022
      • RBR50 Winners 2021
  • Resources
    • Automated Warehouse Research Reports
    • Digital Issues
    • eBooks
    • Publications
      • Automated Warehouse
      • Collaborative Robotics Trends
    • Search Robotics Database
    • Videos
    • Webinars / Digital Events
  • Events
    • RoboBusiness
    • Robotics Summit & Expo
    • DeviceTalks
    • R&D 100
    • Robotics Weeks
  • Podcast
    • Episodes
  • Advertise
  • Subscribe