FORT Robotics has announced approximately $20 million in additional investment commitments as it prepares for a proposed Nasdaq listing. The October 22 announcement comprises a new financing led by existing investor Tiger Global and an increased commitment to the equity funding associated with FORT’s planned merger with Newbury Street II Acquisition Corp.
The two components have different closing conditions. Tiger Global is leading approximately $10 million of financing, with participation from Mark Cuban Companies, that FORT expects to close this week. Tiger Global has separately committed another $10 million to the private investment in public equity, or PIPE, expected to close alongside the proposed business combination. FORT says the latest commitments bring total pledged capital connected to the transaction above $50 million. The announcement does not mean that all $20 million has already been received.
Based in Philadelphia, FORT develops hardware and software for safely operating autonomous machines, including systems that support human supervision, emergency intervention and communication between robots and surrounding equipment. Its technology is deployed across more than 19,500 units and used by over 600 customers, according to the company. Named customers include Agility Robotics, Zoox, DoorDash, Textron and Google DeepMind.
FORT expanded its relationship with Agility Robotics in October to support the safety architecture of the Digit 5 humanoid. It also introduced Connectivity Aggregation software, which combines multiple communications networks to maintain links with mobile machines. Earlier this year, FORT acquired Mapless AI to add remote supervision and active safety technology to its platform.
The company announced its merger with Newbury Street II in August at a proposed enterprise value of approximately $557 million. Subject to regulatory and shareholder approvals, the combined business is expected to trade on Nasdaq under the symbol FROB. FORT plans to use the additional funding to expand its team and support customer demand across industrial automation markets.
The latest commitments increase the planned financing package, but the new round and PIPE have not yet closed. The proposed public listing also remains conditional
