Company:Bright Machines
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| Type | Privately held company |
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| Industry | Software, manufacturing, industrial |
| Founded | May 25, 2018 Palo Alto, California , United States |
| 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 |
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]
History
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
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
- ↑ Orbach, Meir (28 June 2022). "Bright Machines lays off 30 employees in Israel". CTech. https://www.calcalistech.com/ctechnews/article/b1fwyl009c.
- ↑ "Bright Machines wants to put AI-driven automation in every factory" (in en-US). https://social.techcrunch.com/2019/06/26/bright-machines-wants-to-put-ai-driven-automation-in-every-factory/.
- ↑ "Autodesk, Flex veterans raise $179 million for manufacturing startup". Reuters. October 23, 2018. https://www.reuters.com/article/us-bright-machines-manufacturing/autodesk-flex-veterans-raise-179-million-for-manufacturing-startup-idUSKCN1MX223. Retrieved October 23, 2018.
- ↑ "Autodesk Ex-CEOs Raising $200 Million for AI Manufacturing Start-Up". Engineering.com. May 31, 2018. https://www.engineering.com/DesignSoftware/DesignSoftwareArticles/ArticleID/17046/BREAKING-Autodesk-Ex-CEOs-Raising-200-Million-for-AI-Manufacturing-Start-Up.aspx. Retrieved October 23, 2018.
- ↑ "United States Security and Exchange Commission Form D". United States Security and Exchange Commission. May 25, 2018. https://www.sec.gov/Archives/edgar/data/1741724/000114036118025851/xslFormDX01/primary_doc.xml. Retrieved October 23, 2018.
- ↑ 6.0 6.1 6.2 Maurer, Mark (10 August 2021). "Bright Machines Names New CFO as It Nears SPAC Merger". Wall Street Journal. https://www.wsj.com/articles/bright-machines-names-new-cfo-as-it-nears-spac-merger-11628587801.
- ↑ "Bright Machines Announces Leadership Transition as Company Enters Next Phase of Growth". Businesswire. 13 December 2021. https://www.businesswire.com/news/home/20211212005110/en/Bright-Machines-Announces-Leadership-Transition-as-Company-Enters-Next-Phase-of-Growth.
- ↑ "Bright Machines lands $179M to bring smarter robotics to manufacturing". Oath Tech Network. October 23, 2018. https://techcrunch.com/2018/10/23/bright-machines-lands-179m-to-bring-smarter-robotics-to-manufacturing/. Retrieved October 23, 2018.
- ↑ 9.0 9.1 Maurer, Mark (10 August 2021). "Bright Machines Names New CFO as It Nears SPAC Merger". Wall Street Journal. https://www.wsj.com/articles/bright-machines-names-new-cfo-as-it-nears-spac-merger-11628587801.
- ↑ McEvoy, Jemima (22 December 2021). "Take Back The SPAC: More And More Companies Are Canceling High-Profile Deals To Go Public". Forbes. https://www.forbes.com/sites/jemimamcevoy/2021/12/22/take-back-the-spac-more-and-more-companies-are-canceling-high-profile-deals-to-go-public/?sh=1e431c8a1867.
- ↑ Heater, Brian (31 October 2022). "Manufacturing firm Bright Machines raises $132M after unfulfilled SPAC deal". TechCrunch. https://techcrunch.com/2022/10/31/manufacturing-firm-bright-machines-raises-132m-after-unfulfilled-spac-deal/.
- ↑ Feldman, Amy (31 October 2022). "After Pulling Its SPAC Deal, Startup Bright Machines Raises $100 Million On Factory-Reshoring Trend". Forbes. https://www.forbes.com/sites/amyfeldman/2022/10/31/after-pulling-its-spac-deal-startup-bright-machines-raises-100-million-on-factory-reshoring-trend/?sh=3aa0bc492218.
- ↑ Campbell, Simon (4 April 2023). "Bright Machines names Gayle Sheppard as sole CEO". San Francisco Business Times. https://www.bizjournals.com/sanfrancisco/news/2023/04/04/bright-machines-gayle-sheppard-ceo.html.
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