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Industrial automation startup Vivid Machines hauls in $435M by going public through SPAC – TechCrunch – NEWPAPER24

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Industrial automation startup Vivid Machines hauls in $435M by going public through SPAC – TechCrunch

2021-05-17 19:15:14

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Vivid Machines goes public through a SPAC-led mixture, it introduced this morning. The transaction will see the 3-year-old firm merge with SCVX, elevating gross money proceeds of $435 million within the course of.

After the transaction is consummated, the startup will sport an anticipated fairness valuation of $1.6 billion.

The Vivid Machines information signifies that the nice SPAC chill was not a deep freeze. And the transaction itself, along with the beforehand introduced Desktop Steel blank-check deal, implies that there’s area out there for {hardware} startup liquidity through SPACs. Maybe that can unlock extra late-stage capital for hardware-focused upstarts.

At present we’re first what Vivid Machines does, after which the monetary particulars that it shared as a part of its information.

What’s Vivid Machines?

Vivid Machines is attempting to resolve a tough drawback associated to industrial automation by creating microfactories. This includes a fancy mixture of {hardware}, software program and synthetic intelligence. Whereas robotics has been round in a single kind or one other for the reason that Nineteen Seventies, for probably the most half, it has lacked actual intelligence. Vivid Machines needs to alter that.

The corporate emerged in 2018 with a $179 million Sequence A, a hefty amount of money for a younger startup, however the firm has a daring imaginative and prescient and such a imaginative and prescient takes intensive funding. What it’s attempting to do is totally remodel manufacturing utilizing machine studying.

On the time of that funding, the corporate introduced in former Autodesk co-CEO Amar Hanspal as CEO and former Autodesk founder and CEO Carl Bass to take a seat on the corporate board of administrators. AutoDesk itself has been attempting to rework design and manufacturing lately, so it was logical to carry these two skilled leaders into the fold.

The startup’s thesis is that as an alternative of getting what are primarily “unintelligent” robots, it needs so as to add pc imaginative and prescient and a heavy dose of sensors to carry a data-driven automation strategy to the manufacturing facility flooring.

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