Fort Robotics to Go Public via SPAC Deal Valued at $500 Million
A robotics startup backed by Mark Cuban, Fort Robotics Inc., is nearing a merger with Newbury Street II Acquisition Corp. in a deal valued at approximately $500 million. The combined entity will be named Fort Robotics Holdings Inc. and listed on the Nasdaq under the ticker FROB. The transaction includes about $182 million from Newbury Street’s trust account, along with additional funding through a PIPE offering and support from investors including Cuban, Tiger Global, Prologis Ventures, and Five Eleven Partners. Founded in 2018, Fort Robotics provides safety solutions for the robotics industry. It claims over 600 customers across major companies such as Google DeepMind, Cobot, Zoox, RIVR, and DoorDash. The company aims to establish a framework of trust ensuring robots operate safely without causing harm. Mark Cuban has previously invested in Fort Robotics through an August funding round.
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Topics: AI Hardware IPO Robotics SPAC