SoftBank-backed robotics firm Berkshire Grey has recently stated that it has agreed to go public via a blank-check firm merger. The combined stack equity of the firm is said to be at $2.7 billion. The all-cash deal is said to provide Berkshire Grey $413 million; with this, the logistics automation system will take advantage of making its way into the online shopping platform amidst the pandemic.
The firm has also stated that the proceeds will include a private investment of $165 million by venture capital investor ChamathPalihapitiya and funds and accounts managed by BlackRock Inc. Palihapitiya have been the most prolific sponsors of special purpose acquisition companies (SPACs). The SPACs are shell companies that raise money in an initial public offering to pursue an acquisition later.
Many companies such as venture capital firm Khosla Ventures, SoftBank Group Corp, Canaan Partners, and New Enterprise Associates have come forward to invest big in Berkshire Grey. These firms will be rolling out their full equity into the combined entity. This new deal will help Berkshire Grey develop artificial intelligence-based logistics, robotics services, and automation systems. It will furnish these services to its customers and organizations.