Robotics firm Symbotic set to go public via SoftBank SPAC
Symbotic, an AI and robotics powered platform for the supply chain, has announced plans to go public via SPAC, courtesy of a merger with Softbank Investment Advisers’ SVF Investment Corp. 3.
This gives it a pro forma equity value of around $5.5 billion, while raising upwards of $725 million in gross proceeds, including $200 million from Softbank.
“When we founded Symbotic, we set out to develop technology to make the supply chain work better for everyone,” says Chairman and CEO Rick Cohen.
“We have successfully invented and developed a truly disruptive solution that reimagines the traditional warehouse from the ground up. Not only that, but we have also proven its power in partnership with some of the world’s biggest retailers.”
“Now is the time to take Symbotic to the next level. SoftBank has tremendous experience investing in leading-edge artificial intelligence and robotics innovators, and our partnership with them will provide us with new insights, relationships and capital that will help us realise our full potential.”
“Together, I’m confident we will be a powerful, long-term force in modernising the supply chain to the benefit of all.”
Earlier this year, Walmart announced an agreement with Symbotic, building on a partnership first piloted in 2017 that’s set to bring robotics to 25 regional Walmart distribution centres.
This joined tie ups with Albertsons and C&S Wholesale Grocers.
If the aforementioned deal closes in the first half of 2022 as expected, Walmart will own 9% of Symbotic.
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