The result is a newfound push for brands and original equipment manufacturers to re-shore manufacturing and produce products closer to where they are sold, used, and consumed. At the same time, demand for manufactured goods continues to skyrocket amid ever shortening product cycles that challenge factories to produce new and more varied products at an even larger scale. Industrial automation represents an approximate US$250 billion market. The new business combination is expected to provide up to US$435 million in gross cash proceeds, which will be used to accelerate growth, including expansion into new vertical and geographic markets, and development of additional value-added software in areas such as production analytics and quality inspection. The focus is enabling customers to intelligently automate complex assembly processes that were previously done by hand. The company’s current crop of solutions aims to stand up smart production lines, though it eventually sees a role in supporting “fully programmable factories.” It achieves this through a combination of computer vision, machine learning, 3D simulation, and adaptive robotics. The transaction gives the company a post-transaction equity value of US$1.6 billion. Bright Machines has doubled revenue each year since its inception in 2018 and projects a 5-year CAGR of 84% from 2020 to 2025. Inception to $1+ billion in Three Yearsīright Machines has grown to more than 500 employees, including about 150 software engineers, and counts 25 global, blue-chip customers that span industries such as network infrastructure, data centers, automotive, consumer products, medical devices, and industrial equipment. The transaction is set to close in the second half of 2021 and represents the building momentum behind the nascent yet critical arena for software-defined manufacturing solutions. Bright Machines provides a combination of proprietary software and adaptive hardware that automate repetitive tasks to enable manufacturers to quickly deploy flexible, autonomous production lines that can be scaled based on market demand. California-based Bright Machines has entered into a definitive agreement to become a public company through a merger with SCVX, a special purpose acquisition company (SPAC).
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