Bright Machines, which makes software aimed at automating manufacturing, is going public via a merger with special purpose acquisition corporation SCVX Corp.
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in a deal with a pro forma enterprise value of $1.1 billion. The deal is expected to close in the second half, at which time the combined company will operate as Bright Machines and trade under the ticker "BRTM," the companies said in a joint statement. The new company will have up to $435 million in cash proceeds, while a group of 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 -- private investment in public equity -- immediately before the deal closes. The company will use the proceeds to accelerate its growth, including expanding into new markets. "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," said Bright Machines CEO Amar Hanspal. The company was created in 2018 and has growth to more than 500 employees.