Berkshire Grey (BG), a US-based robotic fulfilment systems developer backed by telecommunications group SoftBank, agreed to a reverse merger with Revolution Acceleration Acquisition Corp yesterday.
Hedosophia, funds and accounts managed by BlackRock and private investor Chamath Palihapitiya have anchored a $165m private investment in public equity. BG expects to have approximately $507m in cash once the merger completes and will be valued at $2.7bn.
The transaction has been approved by BG and Revolution Acceleration’s boards of directors and is expected to close in the second quarter of 2021, subject to customary conditions.
Founded in 2013, BG has developed artificial intelligence-based software and hardware to automate retail, e-commerce and logistics fulfilment. Proceeds will allow BG to fund its existing operations and drive continued business growth.
SoftBank led a $263m series B round in January 2020, with participation from Khosla Ventures, New Enterprise Associates (NEA) and Canaan.
Details about BG’s earlier financing could not be confirmed. The company emerged from stealth in 2018, announcing Khosla Ventures, NEA, Canaan and angel investor Jeff Immelt as investors.
