Bright Machines is a software and robotics company whose applications focus on automation for the manufacturing industry.[2] The San Francisco-based company has two primary products. First, Bright Machines employs “micro-factories” made up of robot cells for the purpose of automating electronics manufacturing and inspection. Second, Bright Machines offers software tools for the purpose of improving efficiencies in the manufacturing process.[3]
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| Company type | Privately held company |
|---|---|
| Industry | Software, manufacturing, industrial |
| Founded | May 25, 2018 Palo Alto, California, U.S. |
| Founders |
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| Headquarters | 939 Harrison Street San Francisco, CA 94107 |
Key people |
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Number of employees | 400 (2022)[1] |
| Website | brightmachines |
History edit
Bright Machines was founded on May 25, 2018, as a spin-off of Flex Ltd. Initially the company began as stealth startup under the name AutoLabs AI. Amar Hanspal, former co-CEO at Autodesk, was named CEO.[4] Its board of directors are Stephen Luczo, executive chairman of Seagate; and Lior Susan, founder of Eclipse Ventures.[5] In August 2021, the company named Michael Keogh its new chief financial officer,[6] and in December 2021, the company announced that Lior Susan had been appointed interim CEO.[7]
On October 23, 2018, the company officially changed its name to Bright Machines and announced it raised $179 million for its Series A. The $179 million funding round was led by Eclipse, with participation from Flex.[8] Other investors include BMW i Ventures and Lux Capital.[6]
In May 2021, Bright Machines announced plans for an initial public offering through a SPAC merger with SCVX Corp, which valued the company at $1.6 billion and was expected to generate approximately $435 million in cash.[6][9] On December 13, 2021, the company announced that it was terminating the SPAC agreement, citing "market conditions."[10] On October 31, 2022, the company announced a $100 million Series B funding round, led by Eclipse Ventures, along with $32 million in debt financing, led by Silicon Valley Bank and Hercules Capital, bringing its total amount raised to $330 million,[11] and valuing the company at $938 million.[12] In April 2023, Gayle Sheppard was named sole CEO, with Lior Susan moving to a new role as executive chairman.[13]
Products edit
Bright Machines makes software and robotic modules that assemble small goods, such as household appliances, tools, and electronics. The modules can be plugged together to create a small assembly line, and the robots can be programmed through the company's software to follow instructions.[9]
References edit
- ^ Orbach, Meir (28 June 2022). "Bright Machines lays off 30 employees in Israel". CTech. Retrieved 28 October 2022.
- ^ "Bright Machines wants to put AI-driven automation in every factory". TechCrunch. Retrieved 2020-04-29.
- ^ "Autodesk, Flex veterans raise $179 million for manufacturing startup". reuters.com. Reuters. October 23, 2018. Retrieved October 23, 2018.
- ^ "Autodesk Ex-CEOs Raising $200 Million for AI Manufacturing Start-Up". reuters.com. Engineering.com. May 31, 2018. Retrieved October 23, 2018.
- ^ "United States Security and Exchange Commission Form D". sec.gov. United States Security and Exchange Commission. May 25, 2018. Retrieved October 23, 2018.
- ^ a b c Maurer, Mark (10 August 2021). "Bright Machines Names New CFO as It Nears SPAC Merger". Wall Street Journal. Retrieved 5 January 2022.
- ^ "Bright Machines Announces Leadership Transition as Company Enters Next Phase of Growth". Businesswire. 13 December 2021. Retrieved 5 January 2022.
- ^ "Bright Machines lands $179M to bring smarter robotics to manufacturing". techcrunch.com. Oath Tech Network. October 23, 2018. Retrieved October 23, 2018.
- ^ a b Maurer, Mark (10 August 2021). "Bright Machines Names New CFO as It Nears SPAC Merger". Wall Street Journal. Retrieved 10 January 2022.
- ^ McEvoy, Jemima (22 December 2021). "Take Back The SPAC: More And More Companies Are Canceling High-Profile Deals To Go Public". Forbes. Retrieved 5 January 2022.
- ^ Heater, Brian (31 October 2022). "Manufacturing firm Bright Machines raises $132M after unfulfilled SPAC deal". TechCrunch. Retrieved 2 November 2022.
- ^ Feldman, Amy (31 October 2022). "After Pulling Its SPAC Deal, Startup Bright Machines Raises $100 Million On Factory-Reshoring Trend". Forbes. Retrieved 2 November 2022.
- ^ Campbell, Simon (4 April 2023). "Bright Machines names Gayle Sheppard as sole CEO". San Francisco Business Times. Retrieved 17 April 2023.