| | |

Symbotic to Become Public Company via SoftBank SPAC merger

Symbotic Walmart400x275

December 13, 2021

Symbotic, which develops AI-enabled technology for supply chain companies, and SVF Investment Corp. 3, a special purpose acquisition company (SPAC) sponsored by an affiliate of SoftBank Investment Advisers, has announced a definitive merger agreement expected to make Symbotic a public company listed on Nasdaq. 

Upon completion of the merger, which is expected in the first half of 2022, the combined company will operate under the “Symbotic Inc.” name and will trade on Nasdaq under the ticker symbol “SYM.” The transaction values Symbotic at a pro forma enterprise value of $4.8 billion, representing 4.8x Symbotic’s forecast 2023 calendar year end estimated revenues, and a pro forma equity value of approximately $5.5 billion.

Powered by a fleet of autonomous robots with AI-enabled software, Symbotic is a product movement technology platform that can adapt to several use cases, and power a customer’s entire supply chain technology platform.

“When we founded Symbotic, we set out to develop technology to make the supply chain work better for everyone. We have successfully invented and developed a truly disruptive solution that reimagines the traditional warehouse from the ground up,” said Rick Cohen, CEO and chairman of Symbotic. “Not only that, but we have also proven its power in partnership with some of the world’s biggest retailers. Now is the time to take Symbotic to the next level. SoftBank has tremendous experience investing in leading-edge artificial intelligence and robotics innovators, and our partnership with them will provide us with new insights, relationships and capital that will help us realize our full potential. Together, I’m confident Symbotic will be a powerful, long-term force in modernizing the supply chain to the benefit of all.”

The company’s platform serves some of the world’s largest retailers, grocers and wholesalers, including Walmart, Albertsons and C&S Wholesale Grocers. With the industry’s largest contracted order backlog of over $5 billion, Symbotic already operates systems that service more than 1,400 stores in 16 states and eight Canadian provinces. The said it expects to achieve $433 million in revenue in FY 2022, representing an increase of more than 73% year-over-year. 

“We are highly impressed by how Rick and the team have built Symbotic into the remarkable, growing business and industry leader it is today,” said Yanni Pipilis, Chairman and CEO of SVF Investment Corp. 3 and Managing Partner for SBIA. “We believe Symbotic has built an exceptional platform on which to scale, building on the company’s strong revenue, balance sheet and profitability to thrive as Rick and the team continue to reimagine global supply chains.”

“Symbotic is harnessing the power of A.I. to deliver the products that customers want and need, and to bring more products to more consumers in less-time and at a lower cost,” said Vikas J. Parekh, Managing Partner for SBIA. “That this is achieved while also lowering the environmental impact is a great thing and a testament to the capabilities of Symbotic’s technology. We’re proud they chose to go public through a merger with SVFC, and we look forward to supporting the company’s growth into promising new verticals and markets.”

Symbotic’s A.I.-powered software acts as the conductor of a team of robots that receive, store and retrieve a virtually unlimited number of products. At the core of the system is a fleet of several hundred autonomous, intelligent, mobile robots called “Symbots.” These fully autonomous fleets of Symbots move products at speeds up to 25 mph with 99.9999% accuracy to and from random access storage structures, the company said. As products exit the system, A.I.-enabled robots use proprietary end-of-arm tools and vision to output cases, totes and packages at some of the fastest speeds in the industry. The system enhances storage density, increases available SKUs, reduces product damage and improves throughput and speed to customers.

The proceeds of the transaction will enable Symbotic to accelerate its growth plans, provide Symbotic with the flexibility to continue innovating to streamline its customers’ supply chains, and to efficiently deliver on its contracted backlog while achieving its growth targets. The Company also continues to invest in innovation to expand the application of its core technology to new use cases. This includes expansion into new verticals such as auto parts, home improvement and apparel as well as entering new geographies.

The transaction, which was unanimously approved by the board of directors of SVFC and the board of managers of Symbotic, is subject to approval by SVFC stockholders and other customary closing conditions. At closing, Symbotic is expected to form a seven-member board of directors including executives from some of the world’s largest retailers and technology leaders.

Robotics World News

  • Phantom AI Raises $36.5M to Advance Autonomous Driving Platform

    Phantom AI Raises $36.5M to Advance Autonomous Driving Platform

    Phantom AI, a Silicon Valley-based startup developing an autonomous driving platform with computer vision, sensor fusion and control capabilities, has announced it raised $36.5 million in a Series C funding round. The company aims to help customers reduce accidents and make everyday driving more enjoyable, while also unlocking what is next in the advanced driving… Read More…

  • Raise Robotics Raises $2.2M in Seed Round Funding

    Raise Robotics Raises $2.2M in Seed Round Funding

    Raise Robotics, which develops robotic equipment for construction sites, has announced it raised $2.2 million in a pre-seed funding round (reported by Construction Dive). The company is currently providing fenestration and mass timber contractors with semi-autonomous equipment that completes bracket layout, installment and verification four times faster than standard methods. “Our mission at Raise is… Read More…

Products for Robots & Cobots

  • Xfuse Launches Phoenix ISP for AMD’s SOMs and Vision AI Starter Kit

    Xfuse Launches Phoenix ISP for AMD’s SOMs and Vision AI Starter Kit

    Xfuse LLC, which develops customizable imaging and video technology, has announced immediate availability of its Phoenix HDR ISP for the AMD Kria K26 System-on-Module (SOM) and the KV260 Vision AI Starter Kit. Designed for AI developers and computer vision engineers that need to capture real-time, data-rich imaging streams, the Phoenix HDR ISP delivers fully-tone mapped… Read More…

  • Sponsored Video: Oriental Motor BLV Series R

    Sponsored Video: Oriental Motor BLV Series R

    Brushless motors are commonly used in AGV/AMR designs for battery-powered, compact, and lightweight equipment movement. To assist with this development, Oriental Motors has created the BLV Series R Type of modular automation compatible products. The new motors provide DC power supply options of 60 W, 100 W, 200 W and 400 W. Features of the… Read More…