Found in Robotics News & Content, with a score of 19.03
August 08, 2022
…of ‘AUV [autonomous underwater vehicle]-native’ tooling design, supervised autonomy, and recent improvements in remote communications.” Nauticus sets course with SPAC deal In December 2021, Nauticus Robotics entered into a definitive business combination agreement with CleanTech Acquisition Corp., a special-purpose acquisition company (SPAC) that would result in Nauticus becoming a public company listed on the Nasdaq Stock Market LLC under the ticker symbol KITT. CleanTech Acquisition Corp. was formed in January 2021 with the purpose of entering into a business combination with one or more businesses. CleanTech Sponsor I LLC and CleanTech Investments LLC, an affiliate of Chardan, are the founders…
Found in Robotics News & Content, with a score of 7.65
August 07, 2022
…It raised $614 million through a special-purpose acquisition company (SPAC) merger in June 2022. The company's technical capabilities roadmap specifies 16 requirements for commercial deployment of autonomous trucks in the U.S. Sunbelt (see below). With the emergency vehicle interaction capability demonstration, Embark said it has now achieved 12 of the technical milestones. “We’re actively working on evasive and emergency maneuver testing, a capability we expect to accomplish by the end of 2022,” Warren told Robotics 24/7. “We’re also working with public and private-sector stakeholders on developing innovative processes to handle inspections and roadside visibility requirements for autonomous trucks. Embark's successful…
Found in Robotics News & Content, with a score of 7.13
August 05, 2022
…Nasdaq Stock Market to celebrate the merger. The company began trading on the exchange after a special-purpose acquisition company (SPAC) merger in September 2021. “We've integrated executives, and now we're integrating engineering teams,” said Mimmack. “Then, we'll be integrating our offerings.”
Found in Robotics News & Content, with a score of 5.64
July 15, 2022
…consumers,” Mitchell replied. “Now that public markets have constricted SPAC [special-purpose acquisition company] activity, that has created anxiety among startups that relied on that interest. The autonomous vehicle space is in [Gartner's] 'trough of disillusionment' right now.” Mitchell said that some startups have mismanaged expectations, similar to Burnstein's point about applications. “Is making salad or pizza the most economical use case?” he asked. “Many of these high-profile redirections reached 'unicorn' status [with $1 billion valuations], but they couldn't meet revenue targets.” “We saw companies getting ahead of themselves and expanding their teams too fast,” he added. “Once certain companies get…
Found in Robotics News & Content, with a score of 9.08
July 12, 2022
…company. Markforged announced a $2.1 billion special-purpose acquisition company (SPAC) merger in February 2021 and began trading on the New York Stock Exchange a year ago. In April, the company acquired Teton Simulation Software. It has more than 400 employees worldwide, including three sites in Massachusetts. Markforged plans to soon move its headquarters to a bigger building in Waltham, Mass. Markforged builds technology for quality, sustainability “We've become more of a platform ecosystem model, with our own machines, cloud software, and continuous impregnated fiber,” said Charles Lu, product marketing manager at Markforged. “Our Blacksmith software simultaneously scans, calibrates, and inspects…
Found in Robotics News & Content, with a score of 21.04
June 13, 2022
…SVF Investment Corp. 3 is a special-purpose acquisition company (SPAC) sponsored by an affiliate of SoftBank Investment Advisors (SBIA), which has invested more than $175 billion in leading technology companies. They include AutoStore, Berkshire Gray, JD Logistics, and Uber. The business combination was approved at a special meeting of SVFC shareholders held on June 3. As a result of the transaction, the combined company received additional growth capital to supplement its existing $363 million of combined cash on the balance sheet as of March 26 and proceeds from a May 20 warrant exercise. “We are thrilled to complete our business…
Found in Robotics News & Content, with a score of 10.32
May 23, 2022
…recently announced a planned merger with special-purpose acquisition company (SPAC) SVF Investment Corp. 3, a SoftBank unit, and plans to be publicly listed on Nasdaq. It filed an S-4 registration statement, a final proxy statement, and an SVF prospectus with the U.S. Securities and Exchange Commission (SEC) on May 9. Walmart to accelerate materials handling with robots Each week, approximately 220 million customers and members visit approximately 10,500 Walmart stores and clubs under 48 banners in 24 countries and e-commerce websites, said the retailer. With fiscal year 2021 revenue of $559 billion, Walmart employs 2.2 million associates worldwide. Symbotic said…
Found in Robotics News & Content, with a score of 14.53
May 13, 2022
…industry is another language altogether. Yet ETFs, CAGR, and SPACs are just as important as AI, AMRs, or ASRS. What do investors look for in robotics startups, and how can users identify promising or maturing technologies? Rahul Sen Sharma, managing partner at Indxx, has been following robotics, automation, and artificial intelligence with those questions in mind. Founded in 2005, Indxx provides client and custom indexes tracking emerging technologies. The company, which has offices in New York, New Delhi, and Miami, watches market trends to help investors build portfolios such as one around automation. Robotics 24/7 spoke with Sharma about how…
Found in Robotics News & Content, with a score of 9.60
April 28, 2022
…acted as legal counsel, and PJT Partners acted as financial advisor to Sarcos, which merged with special-purpose acquisition company (SPAC) Rotor Acquisition Corp. last year. Blank Rome LLP and Cherin Law Offices P.C. acted as legal counsel, and Stifel, Nicolaus & Co. acted as financial advisor to RE2.
Found in Robotics News & Content, with a score of 16.76
April 26, 2022
…the systems paired in Nauticus Fleet. Source: Nauticus Robotics Post-SPAC deployment In December 2021, Nauticus and CleanTech Acquisition Corp. (CLAQ), a special-purpose acquisition corporation (SPAC), entered into a definitive business-combination agreement that would result in Nauticus becoming a public company. CleanTech formed in January 2021 with the intention of merging with one or more businesses. CleanTech Sponsor I LLC and CleanTech Investments LLC, an affiliate of Chardan, are the founders and co-sponsors of CLAQ. Nauticus plans to deliver the first pairs of Nauticus Fleet in the fourth quarter of 2022, with the remainder of orders to be fulfilled by the…
Found in Robotics News & Content, with a score of 26.84
April 18, 2022
…Acquisition Corp., a publicly traded special-purpose acquisition company, or SPAC, last week announced it is entering a business agreement with ICONIQ Holding Ltd., a maker of autonomous electric vehicle technologies that does business as NWTN. NWTN said it is a green mobility technology company focused on what it called SPVs for “smart passenger vehicles.” Alan Wu is the founder and chairman of the company. ICONIQ said in its announcement of the agreement that it was based in Dubai, but the company's LinkedIn profile said it was headquarted in Shanghai. A new subsidiary to be formed At the completion of the…
Found in Robotics News & Content, with a score of 31.69
April 18, 2022
…mergers between robotics startups and special-purpose acquisition companies, or SPACs, were all the rage. Occasionally, however, some deals don't work out. Integrity Implants Inc., which does business as Accelus, last week said that it and CHP Merger Corp. have mutually agreed to terminate a business combination agreement “as a result of market conditions.” “In light of market conditions, we believe that this strategic pivot will best enable our team to execute on our mission to transform the spine surgery space by accelerating the adoption of MIS [minimally invasive surgery] as the standard of care,” said Chris Walsh, co-founder and CEO…
