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Bright Machines announced today that it intends to go public through a merger agreement with SCVX (NYSE: SCVX), a special purpose acquisition company. The transaction is expected to complete in the second half of 2021. The combined company will operate as Bright Machines, and will be traded under the new ticker symbol “BRTM”.
Build your own microfactory with Bright Machines
Bright Machines develops robotics-based work-cells for manufacturing. The novel aspect to BrightMachines technology is that the work-cells are designed to reduce floor-space while delivering any number of automated assembly tasks. A Bright Machines workcell might include applications such as: assembly, welding, fastening, dispensing, labeling or inspecting. BrightMachines integrates a number of different robotic arm 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. Through software-defined intelligence, Bright Machines workcells are easy to configure and deploy. The company was founded in 2018, the company’s mission is to help re-shore production and enables manufacturers to secure their supply chains and build products closer tot he their consumers.
“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,” said 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.”
“I am very proud of the solutions we’ve delivered and the positive benefits our customers have realized as a result. Going forward, we plan to substantially accelerate our growth and better service our customers by doubling down on software and expanding our reach through new sales channels and geographies. We believe our fundamentals are strong, we are executing to plan, and we are well-positioned to continue driving value creation and improved manufacturing outcomes.”
Since it’s founding, Bright Machines has grown to over 500 employees, including approximately 150 software engineers. The company possesses a portfolio of 36 patent filings that provide a competitive advantage. They have 25 global, blue-chip customers that span essential industries, including network infrastructure, data centers, automotive, consumer products, medical devices, and industrial equipment.
The transaction is expected to provide up to $435 million in gross cash proceeds, including $230 million of cash held in trust from SCVX (assuming no redemptions from the trust account by public investors of SCVX). In addition, investors including 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, have committed to invest $205 million in the form of a PIPE at a price of $10 per share of SCVX, immediately prior to the closing of the transaction.
Mike Doniger, CEO and Chairman of the Board of SCVX, said, “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. 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. said, “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.”