Warehouse Robotics Firm Berkshire Grey Goes Public in $2.7B SPAC Deal
Berkshire Grey is going public through a $2.7 billion merger with Revolution Acceleration Acquisition Corp to accelerate its growth in the warehouse automation sector.
Berkshire Grey goes public through a $2.7 billion merger with special purpose acquisition company Revolution Acceleration Acquisition Corp. The robotic solutions developer holds approximately $507 million in cash to fund operations and growth initiatives, and the company carries no debt on its balance sheet.
Founded by former iRobot CTO Tom Wagner, Berkshire Grey automates materials handling in warehouses and fulfillment centers. The company relies on proprietary technology for robotic picking, mobile robotics, and machine vision, with over 300 patent filings protecting its intellectual property.
The company targets a massive market opportunity, noting that only about 5% of warehouses currently use automation. With major customers like Walmart, Target, and FedEx, Berkshire Grey reports $35 million in revenue for 2020 and plans to use its new public status to help businesses transform their supply chain operations.