Found in Robotics News & Content, with a score of 10.53
February 20, 2023
…merger with CleanTech Acquisition Corp., a special-purpose acquisition company (SPAC). Shell and the U.S. Defense Innovation Unit recently awarded Nauticus contracts. “We have a significant partnership with Wood PLC, the world's largest engineering contractor,” Radford told Robotics 24/7. “We're looking at how to amplify each other's strengths. Developing algorithms and fleets of autonomous machines for the oceanscape is really challenging and exciting.” “We believe very strongly that we need to reduce reliance on vessels for offshore tasks—you don't need a jackhammer for a nail,” he said. “As communication latencies increase and bandwidth decreases, we need more self-directed, self-sufficient behaviors at…
Found in Robotics News & Content, with a score of 34.19
February 03, 2023
…that they were deploying automation to 25 distribution centers. SPAC merger coincides with 3x growth In June 2022, Symbotic announced the completion of a merger with special-purpose acquisition company (SPAC) SVF Investment Corp. 3. That SPAC was sponsored by an affiliate of SoftBank Investment Advisors (SBIA), and Symbotic began publicly trading its stock. “In addition to our 168% annual revenue growth, gross margin improved and operating expenses, excluding stock-based compensation, declined sequentially,” said Tom Ernst, chief financial officer of Symbotic. “We initiated a record six system deployments during the first quarter as we continue to rapidly scale operations and deliver…
Found in Robotics News & Content, with a score of 14.18
December 19, 2022
…largest shippers and carriers in the nation. Embark announced plans to raise $614 million in a special-purpose acquisition company (SPAC) merger in June 2021. It planned to establish a nationwide network of fleet transfer points with Ryder System Inc. and a nationwide terminal network with U.S. Xpress. More recently, the company demonstrated emergency vehicle interaction capability with the Texas Department of Public Safety and Travis County Sheriff's Office.
Found in Robotics News & Content, with a score of 27.60
December 16, 2022
…or ATAK, as part of special acquisition company, or SPAC, purchase. DIH makes robotics and virtual reality products and services and is based in Norwell, Mass. Aurora Technology, not to be confused with the self-driving company Aurora, is a publicly traded special purpose acquisition company based out of San Francisco. ATAK said its securities are listed on NASDAQ, with $202M cash in trust raised through its IPO. As a blank check company, ATAK said it was formed with the purpose of entering into a merger with a high-growth technology company, which preferably is founded by Asian or Asian-American entrepreneurs who…
Found in Robotics News & Content, with a score of 11.35
October 28, 2022
…partner for us.” Cepton announced a special-purpose acquisition company (SPAC) deal in January, and it began trading on the Nasdaq Capital Market in February. Under the terms of the investment agreement, which has been unanimously approved by Cepton’s board of directors, Koito will purchase $100 million of convertible preferred stock, with a purchase price of $1,000 per share. The preferred stock will be convertible, beginning on the first anniversary of the issue date, into shares of Cepton’s common stock at an approximate initial conversion price of $2.585 per share. This will represent a 10% premium to Cepton’s volume-weighted average price…
Found in Robotics News & Content, with a score of 17.98
October 06, 2022
…U.S. Securities and Exchange Commission (SEC). Last year, Berkshire Grey announced its intenttion to merge with special-purpose acquisition company (SPAC) Revolution Acceleration Acquisition Corp. (RAAC) in a deal worth up to $413 million.
Found in Robotics News & Content, with a score of 7.29
October 03, 2022
…Waltham, Mass.-based company entered into a special-purpose acquisition company (SPAC) merger last year. It completed the Beta 2 system design of its minimally invasive surgical robot this summer. On the consumer side, Tertill Corp. fielded several inquiries about its robot for weeding gardens. The technology can help busy people as they return to offices, noted Rory MacKean, co-founder and chief product officer at the North Billerica, Mass., company. The wedding robot is called Tertill and is sold on the company’s website for $349. “Tertill is a solar-powered weeding robot for vegetable and flower gardens,” MacKean said. “It’s waterproof, so you…
Found in Robotics News & Content, with a score of 24.87
August 08, 2022
…of ‘AUV [autonomous underwater vehicle]-native’ tooling design, supervised autonomy, and recent improvements in remote communications.” Nauticus sets course with SPAC deal In December 2021, Nauticus Robotics entered into a definitive business combination agreement with CleanTech Acquisition Corp., a special-purpose acquisition company (SPAC) that would result in Nauticus becoming a public company listed on the Nasdaq Stock Market LLC under the ticker symbol KITT. CleanTech Acquisition Corp. was formed in January 2021 with the purpose of entering into a business combination with one or more businesses. CleanTech Sponsor I LLC and CleanTech Investments LLC, an affiliate of Chardan, are the founders…
Found in Robotics News & Content, with a score of 9.94
August 07, 2022
…It raised $614 million through a special-purpose acquisition company (SPAC) merger in June 2022. The company's technical capabilities roadmap specifies 16 requirements for commercial deployment of autonomous trucks in the U.S. Sunbelt (see below). With the emergency vehicle interaction capability demonstration, Embark said it has now achieved 12 of the technical milestones. “We’re actively working on evasive and emergency maneuver testing, a capability we expect to accomplish by the end of 2022,” Warren told Robotics 24/7. “We’re also working with public and private-sector stakeholders on developing innovative processes to handle inspections and roadside visibility requirements for autonomous trucks. Embark's successful…
Found in Robotics News & Content, with a score of 9.28
August 05, 2022
…Nasdaq Stock Market to celebrate the merger. The company began trading on the exchange after a special-purpose acquisition company (SPAC) merger in September 2021. “We've integrated executives, and now we're integrating engineering teams,” said Mimmack. “Then, we'll be integrating our offerings.”
Found in Robotics News & Content, with a score of 7.34
July 15, 2022
…consumers,” Mitchell replied. “Now that public markets have constricted SPAC [special-purpose acquisition company] activity, that has created anxiety among startups that relied on that interest. The autonomous vehicle space is in [Gartner's] 'trough of disillusionment' right now.” Mitchell said that some startups have mismanaged expectations, similar to Burnstein's point about applications. “Is making salad or pizza the most economical use case?” he asked. “Many of these high-profile redirections reached 'unicorn' status [with $1 billion valuations], but they couldn't meet revenue targets.” “We saw companies getting ahead of themselves and expanding their teams too fast,” he added. “Once certain companies get…
Found in Robotics News & Content, with a score of 11.82
July 12, 2022
…company. Markforged announced a $2.1 billion special-purpose acquisition company (SPAC) merger in February 2021 and began trading on the New York Stock Exchange a year ago. In April, the company acquired Teton Simulation Software. It has more than 400 employees worldwide, including three sites in Massachusetts. Markforged plans to soon move its headquarters to a bigger building in Waltham, Mass. Markforged builds technology for quality, sustainability “We've become more of a platform ecosystem model, with our own machines, cloud software, and continuous impregnated fiber,” said Charles Lu, product marketing manager at Markforged. “Our Blacksmith software simultaneously scans, calibrates, and inspects…
