AI Developer Berkshire Grey Announces Business Combination with SPAC Revolution Acceleration Acquisition Corp (RAAC)

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Berkshire Grey, a Leader in AI-Enabled Robotics and Automation Solutions, Announces Business Combination with Revolution Acceleration Acquisition Corp

February 24, 2021 6:00 AM EST

Berkshire Grey is a pure-play robotics company offering fully integrated, artificial intelligence-based software and hardware solutions to automate business operations in warehouses and logistics fulfillment centers meeting consumer demands and exponential e-commerce growth

Combined company to have an estimated post-transaction equity value of up to $2.7 billion

Transaction expected to provide up to $413 million in cash proceeds, including a fully committed PIPE of $165 million anchored by Chamath Palihapitiya, Founder and CEO of Social Capital, Hedosophia and funds and accounts managed by BlackRock

Current Berkshire Grey shareholders... More