Sarcos Robotics, a US-based industrial robotics technology manufacturer backed by software producer Microsoft, construction equipment maker Caterpillar, air carrier Delta and oilfield services provider Schlumberger, agreed tomorrow to list through a reverse merger.
The company is joining forces with special purpose acquisition company Rotor Acquisition Corp in a transaction that will value them at a combined $1.3bn.
Sarcos produces robotic exoskeletons that help users lift heavy objects while preventing injuries. The merged business, Sarcos Technology, will take the spot on the New York Stock Exchange secured by Rotor in a $240m initial public offering in January this year.
Caterpillar subsidiary Caterpillar Venture Capital, Schlumberger and data analytics provider Palantir are backing a $220m private investment in public equity financing for the deal with Millennium Management, Jaws Estates Capital, Michael F. Price and funds and accounts managed by BlackRock.
Schlumberger, Microsoft, Caterpillar Ventures and GE Ventures, an investment vehicle for power and industrial technology producer General Electric, joined Cottonwood Technology Fund, two unnamed investment firms and Sarcos’s co-founders to provide $15.6m in series A financing for it in 2017 to take its total funding to $25m.
Microsoft, Caterpillar Ventures, Schlumberger, the since shuttered GE Ventures and Cottonwood Technology Fund returned for the company’s $30m series B round, which was co-led by DIG Investment and Alex Brown & Sons, the following year.
Investment firm Rotor Capital led a $40m series C round for Sarcos in September 2020 that also featured undisclosed existing backers. It also identified Delta as an existing investor in the latest announcement.
Image courtesy of Sarcos Corp.
