SoftBank Backed Symbotic Completes SPAC Merger, Ready to Scale AI Driven Warehouse Robots
The ringing of the opening bell at The Nasdaq Stock Market marked a new growth phase for Symbotic.
Symbotic's team rings the bell at Nasdaq.
Symbotic, which has developed AI and automation for supply chains, has completed its multi-million-dollar deal with SVF Investment Corp. 3 and gone public.
Robotics 24/7 Staff
· June 13, 2022
As more warehouses add automation, companies are scaling up to provide robots and artificial intelligence. Symbotic LLC last week announced the completion of its business combination with SVF Investment Corp. 3 and began trading on The Nasdaq Stock Market.
“Today marks a significant milestone for Symbotic and its employees, and we are excited to accelerate our growth with a truly disruptive technology platform used by some of the world’s largest companies,” stated Michael J. Loparco, Symbotic CEO. “Symbotic’s long-term partnership with SoftBank and other established investors will allow us to more rapidly scale our operations, introduce new technology innovations, and expand into new markets.”
The supply chain industry is experiencing “exponential data growth every year, resulting in increasingly complex distribution challenges,” claimed Symbotic. For the past 15 years, the company said it has been developing an “end-to-end” robotics system that is flexible for changing conditions.
“Our vision at Symbotic has always been to reinvent the supply chain with artificial intelligence and robotics – transforming the distribution network into a strategic asset,” said Rick Cohen, chairman of the board of directors and president of Symbotic. “As a leading robotics innovator, I look forward to scaling Symbotic to meet the incredible demands and opportunities of the global supply chain.”
Loparco will continue to lead the combined company through its next phase of growth, innovation, and expansion alongside Cohen.
“What makes Symbotic unique as we go public is our healthy cash balance in addition to the $11 billion-plus in committed orders we have from customers,” noted Tom Ernst, chief financial officer of Symbotic. “We have positioned ourselves for success in the public market by ensuring long-term operational viability while we grow our people, technology and customer base.”
Symbotic rang the Nasdaq opening bell on June 8.
SoftBank confident in automation's potential
SVF Investment Corp. 3 is a special-purpose acquisition company (SPAC) sponsored by an affiliate of SoftBank Investment Advisors (SBIA), which has invested more than $175 billion in leading technology companies. They include AutoStore, Berkshire Gray, JD Logistics, and Uber.
The business combination was approved at a special meeting of SVFC shareholders held on June 3. As a result of the transaction, the combined company received additional growth capital to supplement its existing $363 million of combined cash on the balance sheet as of March 26 and proceeds from a May 20 warrant exercise.
“We are thrilled to complete our business combination with Symbotic,” said Yanni Pipilis, chairman and CEO of SVF and managing partner at SBIA. “We believe Symbotic is years ahead of its peers, with an exceptional technology platform and impressive customer relationships. Symbotic’s ability to execute, from innovation to installation, gives me every confidence the company will be successful in the public markets.”
The combined, publicly traded company will operate as “Symbotic Inc.” and is trading under the ticker symbol “SYM.” Symbotic said it plans to use the funding to accelerate its growth, expand into new verticals, and progress toward its financial targets.
“We believe Symbotic is at the forefront of a more than $350 billion market opportunity to reinvent warehouse automation and reshape the global supply chain,” said Vikas J. Parekh, managing partner at SBIA and a member of Symbotic’s board of directors. “With its revolutionary AI-enabled technology platform and deep relationships with some the world’s largest companies, Symbotic is already making the right strategic investment decisions, and we believe it is well-positioned to achieve long-term success.”
Symbotic Chief Financial Officer Tom Ernst & Chief Strategy Officer Bill Boyd join Jill Malandrino on Nasdaq "TradeTalks" to discuss leveraging AI and robotics to modernize the supply chain and modernize the warehouse.
Stay up-to-date with news and resources you need to do your job.
Research industry trends, compare companies and get market intelligence every week with Robotics 24/7.
Subscribe to our robotics user email newsletter and we'll keep you informed and up-to-date.