Bright Machines

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]

Bright Machines, Inc.
TypePrivately held company
IndustrySoftware, manufacturing, industrial
FoundedMay 25, 2018 (2018-05-25)
Palo Alto, California, U.S.
Founders
  • Tzahi Rodrig
  • Lior Susan
  • Amar Hanspal
Headquarters132 Hawthorne Street
San Francisco, CA 94107
Key people
  • Lior Susan
  • (CEO)
  • Caroline Pan
  • (CMO)
  • Michael Keogh
  • (CFO)
Number of employees
600 (2021)[1]
Websitebrightmachines.com

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]

In 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]

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. Its customers include Asteelflash Group, United Equipment Accessories, and Argonaut Manufacturing Services.[9][11]

References
  1. Lagorio-Chafkin, Christine. "The Factory of the Future Is Here - and It's Run by Americans (and Small Robots)". Inc. Retrieved 5 January 2022.
  2. "Bright Machines wants to put AI-driven automation in every factory". TechCrunch. Retrieved 2020-04-29.
  3. "Autodesk, Flex veterans raise $179 million for manufacturing startup". reuters.com. Reuters. October 23, 2018. Retrieved October 23, 2018.
  4. "Autodesk Ex-CEOs Raising $200 Million for AI Manufacturing Start-Up". reuters.com. Engineering.com. May 31, 2018. Retrieved October 23, 2018.
  5. "United States Security and Exchange Commission Form D". sec.gov. United States Security and Exchange Commission. May 25, 2018. Retrieved October 23, 2018.
  6. Maurer, Mark (10 August 2021). "Bright Machines Names New CFO as It Nears SPAC Merger". Wall Street Journal. Retrieved 5 January 2022.
  7. "Bright Machines Announces Leadership Transition as Company Enters Next Phase of Growth". Businesswire. 13 December 2021. Retrieved 5 January 2022.
  8. "Bright Machines lands $179M to bring smarter robotics to manufacturing". techcrunch.com. Oath Tech Network. October 23, 2018. Retrieved October 23, 2018.
  9. Maurer, Mark (10 August 2021). "Bright Machines Names New CFO as It Nears SPAC Merger". Wall Street Journal. Retrieved 10 January 2022.
  10. 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.
  11. "Bright Machines to automate Argonaut's assembly process". Med-Tech News. 5 January 2021. Retrieved 10 January 2022.
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