Agility Robotics plans to go public via SPAC in a $2.5B deal
Agility Robotics, the humanoid robotics startup spun out of Oregon State University in 2015, plans to go public via a merger with special purpose acquisition company Churchill Capital Corp XI in a deal that values the company at about $2.5 billion.
The transaction is expected to generate more than $620 million in proceeds, including approximately $200 million from a group of new and existing institutional investors. the company said.
Agility is best known for Digit, a bipedal robot used at nine customer locations, including Schaeffler, GXO, Toyota Motor Manufacturing Canada and Mercado Libre.
The company has received backing from high-profile tech companies and funds such as Amazon, Nvidia, SoftBank Vision Fund 2 and DCVC. Now it plans to use the capital raised from the SPAC merger to increase production capacity of the next generation Digit v5, fulfill existing orders and expand to new and existing customers.
The company said it has secured more than $300 million in multi-year orders for the new model and has a pipeline of more than 30 potential customers evaluating large-scale deployments.
“Humanoid robots are poised to become a critical driver of productivity, supply chain resilience and America’s technology leadership,” Agility CEO Peggy Johnson said in a statement. “With commercially deployable humanoids already operating in customer environments today, Agility helps companies address labor shortages, improve efficiency, and safely integrate AI-powered automation into their operations.”
The combined company is expected to trade under the ticker symbol AGLT on a North American stock exchange that has not yet been announced.
