Mentioned:
There’s a new robotics company coming to Wall Street. And they are being backed by Mark Cuban and Tiger Global.
What’s happening:
- FORT Robotics has entered into a business combination with Newbury Street II (NASDAQ: NTWO) to become a publicly traded company on the Nasdaq
By the numbers:
- The new SPAC transaction gives FORT Robotics a pre-money valuation of roughly $500M USD
Why it matters:
- FORT Robotics has developed proprietary hardware and software for robots that enables them to perform an emergency stop, secure wireless control and hazard detection
Going deeper:
- FORT Robotics has existing contracts with multiple robotics companies including Agility Robotics, Google DeepMind, Amazon’s (NASDAQ: AMZN) Zoox and Textron
- Tiger Global, Prologis Ventures and Mark Cuban have notably committed to funding a $31M USD equity financing round concurrently with the SPAC transaction
The intrigue:
- Mark Cuban is one of FORT Robotics’ earliest investors and participated in their Series A financing round
