SoftBank is participating in a PIPE financing for Flex spinoff Bright Machines, which will walk away with $435m in gross proceeds and a $1.1bn valuation.
Bright Machines, a US-based robotics software startup incubated by supply chain services provider Flex, agreed to a reverse merger with special purpose acquisition company SCVX yesterday.
The deal includes a $205m private investment in public equity (PIPE) backed by insurer XN and SB Management, a subsidiary of telecommunications group SoftBank, as well as financial services firm Fidelity Management and Research and hedge fund Alyeska Investment Group.
Investment firm Hudson Bay Master Fund is also participating in the PIPE financing. Together…
Thierry Heles
Thierry Heles is editor-at-large of Global University Venturing and Global Corporate Venturing, and host of the Beyond the Breakthrough podcast.
