Bright Machines, Inc. Asset Profile

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Year established

2018

Location

CA US

Primary Industry

Software

About

Founded in 2018 by Amar Hanspal, and based in California, US, Bright Machines, Inc., previously known as AutoLab AI, Inc. - a spin-out company from Flex Ltd offers a full-stack solution for industrial automation ranging from reshoring production, creating a more distributed manufacturing network, or speeding up the innovation process. The company has R&D centers across the US and Israel and field operations across 8 locations including the US, Mexico, China, and Poland. Bright Machines possess a portfolio of 36 patent filings and serve 25 global blue-chip customers that span essential industries including network infrastructure, data centers, automotive, consumer products, medical devices, and industrial equipment. In June 2024, Bright Machines, Inc. raised 20 million in venture debt funding from JP Morgan Asset Management. The round was part of a larger USD 126 million series C and venture debt funding. In 2021, Scvx Corp., a SPAC (SVCX) acquired Bright Machines, Inc. The transaction is valued at USD 1.6 billion with a provision of USD 435 million in gross cash proceeds, with a PIPE proceed of USD 205 million, at USD 10 per share. The company employs over 500 employees serving over 1000 customers. Moreover, in October 2022, Bright Machines raised USD 32 million in venture debt funding co-led by new investors Hercules Capital and Silicon Valley Bank. The round was part of a larger USD 132 million Series B and debt funding. Bright Machine uses computer vision, cloud and edge computing, robotics, and artificial intelligence to solve industrial problems, aiming to speed up operations, improve quality and bring flexibility to the market. Bright Machine’s product portfolio includes Microfactories that offer intelligent software and adaptive hardware to automate repetitive assemblies and inspection tasks. Brightware automates three steps from the assembly of the circuit board: label application, DIMM insertion, and Screwdriving. Additionally, the company’s solutions offer automation to other tasks such as fastening, welding, dispensing, pressing, labeling, vision, and testing. Bright Machines enable 50% faster deployment than the traditional way, that is, analyze, configure, and deploy. The company projects to acquire a 5-year CAGR (2020-2025) of over 84%. Bright Machines intends to use the funds raised from the merger to accelerate the company’s growth, which includes expansion into new markets and the development of additional value-added software in areas such as production analytics and quality inspection. The company intends to trade under the ticker symbol, BRTM upon completion of its merger by SCVX.

Current Investors

Flex Ltd., Eclipse Ventures, Lux Capital

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Primary Industry

Software

Sub Industries

Engineering, Industrial Machinery, Hardware, Engineering Software

Website

www.brightmachines.com

Verticals

Artificial Intelligence, Manufacturing, Robotics

Total Amount Raised

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