SAN FRANCISCO -- Bright Machines, a developer of software-driven automation processes, is being acquired by SCVX, a publicly traded special purpose acquisition company.

Upon completion of the transaction, which is expected to occur in the second half of 2021, the combined company will operate as Bright Machines, and will be traded under the new ticker symbol “BRTM.”

The transaction values Bright Machines at a pro forma enterprise value of $1.1 billion and a post-transaction equity value of $1.6 billion. The transaction is expected to provide up to $435 million in gross cash proceeds, including $230 million of cash held in trust from SCVX and a PIPE of $205 million. PIPE investors include XN, Hudson Bay Master Fund, SB Management (a subsidiary of SoftBank Group Corp and manager to SB Northstar), Fidelity Management & Research, and Alyeska Investment Group.

Bright Machines intends to use the funds to accelerate the Company’s growth, which includes expansion into new markets and development of additional value-added software in areas such as production analytics and quality inspection.

Bright Machines has doubled revenue each year since its inception in 2018 and is currently projecting a 5-year CAGR (2020-25) of over 84%.

“At Bright Machines, our mission has been clear from the start: to bring software-defined intelligence down to the factory floor and enable our customers to effortlessly modernize their manufacturing operations,” said Amar Hanspal, CEO and cofounder, Bright Machines, in a statement. “Our industrial automation platform, powered by proprietary software and AI-driven solutions, allows even the most traditional manufacturing companies to quickly and easily deploy flexible automation solutions at scale. We believe that our technology represents a big leap in the transformation of manufacturing, as companies adapt to growing consumer demand, intensifying competition and the refactoring of global supply chains to improve resiliency and sustainability.”

Founded in 2018, Bright Machines supplies proprietary software and so-called adaptive hardware to automate repetitive tasks.

 Current Bright Machines shareholders, including Eclipse Ventures, Lux Capital, and BMW i Ventures, will roll 100% of their equity into the combined company.

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