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
    • Exoskeletons
    • Industrial
    • Self-Driving Vehicles
    • Unmanned Maritime Systems
  • Markets
    • Agriculture
    • Healthcare
    • Logistics
    • Manufacturing
    • Mining
    • Security
  • Financial
    • Investments
    • Mergers & Acquisitions
    • Earnings
  • Resources
    • Careers
    • COVID-19
    • Digital Issues
    • Publications
      • Collaborative Robotics Trends
      • Robotics Business Review
    • RBR50 Winners 2022
    • Search Robotics Database
    • Videos
    • Webinars / Digital Events
  • Events
    • RoboBusiness
    • Robotics Summit & Expo
    • Healthcare Robotics Engineering Forum
    • DeviceTalks
    • R&D 100
    • Robotics Weeks
  • Podcast
    • Episodes
    • Leave a voicemail

Symbotic closes SPAC deal and debuts on NASDAQ

By Brianna Wessling | June 8, 2022

Listen to this article
Voiced by Amazon Polly

Symbotic made its debut on the NASDAQ today under ticker symbol “SYM” after completing its business combination with SVF Investment Corp. 3. The combination was approved at a meeting of SVFC shareholders on June 3, 2022.  

Symbotic’s system includes a fleet of fully autonomous robots that receive, store and retrieve products in distribution centers. It utilizes hundreds of autonomous mobile robots called “Symbots”. 

SVF Investment Corp. 3 is a special purpose acquisition company (SPAC) sponsored by an affiliate of Softbank Investment Advisors. In 2021, a slew of company went public, or announced their plans to go public, via a SPAC. Aurora Innovation, Berkshire Grey, Bright Machines, Memic, Sarcos Robotics, and Vicarious Surgical are just a few on the list. 

“Today marks a significant milestone for Symbotic and its employees, and we are excited to accelerate our growth with a truly disruptive technology platform used by some of the world’s largest companies,” Michael J. Loparco, CEO of Symbotic, said. “Symbotic’s long-term partnership with SoftBank and other established investors will allow us to more rapidly scale our operations, introduce new technology innovations, and expand into new markets.”

Watch Loparco ring the opening bell at the NASDAQ below. Loparco is introduced around the 21:20 mark in the video, and the bell rings around 29:00. 

The combined company, called Symbotic Inc., had an existing $363 million combined cash on the balance sheet as of March 26, 2022. It also received additional growth capital and proceeds from a May 20, 2022 warrant exercise. The combined capital will help the company grow faster, expand to new verticals and progress toward its financial targets. 

“We are thrilled to complete our business combination with Symbotic,” Yanni Pipilis, Chairman and CEO of SVF Investment Corp. 3 and Managing Partner for SoftBank Investment Advisers, said. “We believe Symbotic is years ahead of its peers, with an exceptional technology platform and impressive customer relationships. Symbotic’s ability to execute, from innovation to installation, gives me every confidence the company will be successful in the public markets.”

According to the company, it has over $11 billion in contracted orders. Recently, Walmart announced plans to put Symbotic’s system into all 42 of its regional distribution centers. 

Symbotic’s partnership with Walmart was announced in July 2021, when Walmart planned to outfit 25 of its distribution centers with Symbotic’s system. The companies had been working together since 2017, when Symbotic’s system began being tested in Walmart’s Brooksville, Florida distribution center. 

Symbotic’s software is able to orchestrate an entire fleet of robots to receive, store and retrieve a virtually limitless number of SKUs, according to the company. Each robot is equipped with the company’s proprietary end-of-arm tooling and vision systems, which allow them to output cases, totes and packages at industry-leading speeds.

Loparco will continue to lead the combined company, and Rick Cohen will continue his position as chairman of the board of directors and president of Symbotic. Goldman Sachs & Co. served as Symbotic’s exclusive financial advisor in the deal, and Deutsche Bank Securities served as exclusive financial advisor to SVFC. 

About The Author

Brianna Wessling

Brianna Wessling is an Associate Editor, Robotics, WTWH Media. She joined WTWH Media in November 2021, and is a recent graduate from the University of Kansas. She can be reached at [email protected]

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 >

myoshirt
ETH Zurich develops wearable muscles
International Federation of Robotics appoints new president, VP
impossible mining auv
Impossible Mining raises $10.1M for underwater mining robot
UR20 cobot Universal Robots
Anders Beck introduces the UR20; California bans autonomous tractors

2021 Robotics Handbook

The Robot Report Listing Database

Latest Robotics News

Robot Report Podcast

Anders Beck introduces the UR20; California bans autonomous tractors
See More >

Sponsored Content

  • Magnetic encoders support the stabilization control of a self-balancing two-wheeled robotic vehicle
  • How to best choose your AGV’s Wheel Drive provider
  • Meet Trey, the autonomous trailer (un)loading forklift
  • Kinova Robotics launches Link 6, the first Canadian industrial collaborative robot
  • Torque sensors help make human/robot collaborations safer for workers

RBR50 Innovation Awards

Leave us a voicemail

The Robot Report
  • Mobile Robot Guide
  • Collaborative Robotics Trends
  • Field Robotics Forum
  • Healthcare Robotics Engineering Forum
  • RoboBusiness Event
  • Robotics Business Review
  • Robotics Summit & Expo
  • About The Robot Report
  • Subscribe
  • Advertising
  • Contact Us

Copyright © 2022 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
    • Exoskeletons
    • Industrial
    • Self-Driving Vehicles
    • Unmanned Maritime Systems
  • Markets
    • Agriculture
    • Healthcare
    • Logistics
    • Manufacturing
    • Mining
    • Security
  • Financial
    • Investments
    • Mergers & Acquisitions
    • Earnings
  • Resources
    • Careers
    • COVID-19
    • Digital Issues
    • Publications
      • Collaborative Robotics Trends
      • Robotics Business Review
    • RBR50 Winners 2022
    • Search Robotics Database
    • Videos
    • Webinars / Digital Events
  • Events
    • RoboBusiness
    • Robotics Summit & Expo
    • Healthcare Robotics Engineering Forum
    • DeviceTalks
    • R&D 100
    • Robotics Weeks
  • Podcast
    • Episodes
    • Leave a voicemail