Manufacturing firm Bright Machines raises $132M after unfulfilled SPAC deal • TechCrunch
In May last year, shining machines He announced plans to incubate the madness of SPAC with a merger deal valuing the Gulf-based manufacturing company at $1.6 billion. But as the phenomenon’s temperatures cooled, her plans faltered, too. The The components were withdrawn last DecemberJust over a month before it was planned.
Even without the SPAC slowdown, it wasn’t exactly the perfect economy for such a big deal.
Today, the company announced that it’s back to the most tried and true method of fundraising with a Combined increase of 132 million dollars – This is $100 million in equity financing (led by founder Leor Susan Eclipse Ventures) and $32 million in debt (co-led by Silicon Valley Bank and Hercules Capital). Finally, the company’s latest round has brought in as much as $330 million since its founding in 2018, when it reached $179 million in Series A.
The funding comes as the United States has taken a tough approach toward revitalizing domestic manufacturing, in part due to economic stimulus bills such as the CHIPS Act. Companies like Intel are investing billions to help diversify geospatial semiconductor production. Bright Machines’ vision is built around the concept of “small factories” – software-based production lines that rely on robots and automation.
The company says it has deployed about 100 such small plants in 13 countries since its founding. The latest funding will go towards accelerating the roadmap.