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Bright Machines announced that it brought in $132 million in debt and Series B equity funding. The new round brings the company’s total funding to $330 million. Eclipse Ventures led the equity portion of the funding, which totaled $100 million. Silicon Valley Bank and Hercules Capital led the debt portion of the funding, making up the remaining $32 million.
This is the company’s first funding round since its SPAC deal fell through in December 2021. In May 2021, Bright Machines announced plans to go public through a merger with SCVX, a special-purpose acquisition company. The companies agreed to terminate the deal around a month before it was scheduled to go through.
The company’s flagship product is the Bright Machines Microfactory. The company’s Microfactories are complete, programmable assembly lines that are powered by the Brightware Platform. The Microfactories are designed to allow users to build more units at a lower cost.
The Microfactories are made up of robotics-based work cells designed to reduce floor space. A Bright Machines work cell could include applications like assembly, welding, fastening, dispensing, labeling or inspecting. BrightMachines integrates a number of different robotic arms in the work cells. Each work cell has a standard footprint, and this simplifies the design and layout of any number of manufacturing process steps.
“We founded Bright Machines with a singular mission to enable our customers to transform the way they have historically approached product assembly. We are excited to partner with the industry in creating a more streamlined ‘design-to-make’ process in which every product can be manufactured closer to the end consumer. In today’s unpredictable, global environment, this mission is more important than ever,” Lior Susan, CEO and Co-Founder of Bright Machines, said. “We believe our solutions provide an essential pathway for the industry’s transition to more local, resilient, and sustainable operations. I am proud of the positive impact we’ve made to date and excited for this next phase in our journey.”
Bright Machines plans to use the funding to accelerate the company’s growth, including expanding into high-demand industry verticals and developing new software and service offerings to complement its existing portfolio of products. The company also aims to extend the capabilities of its Microfactory, accelerate the Brightwave software roadmap, strengthen its partner network and grow its customer base.
The company plans on unveiling its newest integration hub in Guadalajara, Mexico later this year and a customer experience center in San Francisco in 2023.