Automated software innovator Bright Machines goes public with $1.6bn SPAC merger
Summary
SPAC mergers are often followed by a Private Investment in Public Equity, or ‘PIPE,’ where investors can buy shares in the new business at below market value, in order to rapidly raise capital. In light of this, Bright Machines has reportedly doubled its revenue each year since its inception and is projecting a five-year compound annual growth rate (CAGR) of over 84 percent between 2020-25. Bright Machines will use the funds raised to accelerate the company’s growth through expanding into new markets and developing additional software in areas such as production analytics and quality inspection. “Bright Machines’ innovative industrial automation technology provides a crucial pathway for manufacturers to upgrade and secure their factories for the realities of the 21st century,” said Mike Doniger, CEO and Chairman of the Board of SCVX. They are dramatically improving the speed and economics associated with the adoption of smart production lines and, eventually, fully programmable factories.” Subscribe to the 3D Printing Industry newsletter for the latest news in additive manufacturing.