Home » Markets » Bright Machines nears SPAC deal to go public
Bright Machines nears SPAC deal to go public
Fox Business Flash top headlines for May 13
Check out what’s clicking on FoxBusiness.com.
Bright Machines is nearing a merger with a special-purpose acquisition company to go public in a deal that would value the manufacturing-automation business at about $1.6 billion, according to people familiar with the matter.
Stocks in this Article
The creator of a platform that uses artificial intelligence and robotics to automate tasks in electronics manufacturing, Bright Machines is close to a deal with SCVX Corp., the people said. The merger could be announced as soon as this week.
Founded in 2018, Bright Machines says that its "microfactories" can be programmed to complete electronics-manufacturing tasks and continue improving as they repeat them. They make supply chains more efficient, removing the need for as many human workers and saving resources in many technology-dependent industries, the company says.
AT&T, DISCOVERY EYE COMBINING NETWORKS, STUDIO AND STREAMING SERVICES
The San Francisco-based company currently has about 25 customers, according to its website. Its existing investors include BMW iVentures — the venture-capital arm of auto maker BMW AG — Eclipse Ventures and Lux Capital.
If the deal is completed, Bright Machines would be expected to generate about $435 million in cash proceeds from the roughly $230 million held by the SPAC and $205 million from a private investment in public equity, or PIPE, associated with the merger, the people said. SoftBank Group Corp. and Fidelity Investments are expected to participate in the PIPE.