Bright Machines to go public via a merger with SCVX in a $1.1bn deal.

Bright Machines, a software-defined manufacturing company, agreed to go public via a merger with SCVX, a SPAC, in a $1.1bn deal. The deal is expected to provide up to $435m of cash proceeds, including $230m of cash held in trust from SCVX, and $205m PIPE led by investors XN, Hudson Bay Master Fund, SB Management, Fidelity, and Alyeska. “It is clear that Bright Machines’ differentiated, software-driven approach to industrial automation has the potential to completely upend traditional manufacturing methods. The company has demonstrated product-market fit and is seeing accelerating customer interest and broad deployment of their solutions. The opportunity in front of the team is simply enormous," Carl Bass, Bright Machines Chairman.