Symbotic might sound like something out of the Venom movies, but the warehouse technology company is far from an alien symbiote. The US-based and Walmart-backed company is looking to go public through a SPAC merger with SVF Investment Corp 3 (SVFC), valuing it at $4.8b.
Symbotic uses AI-powered software to operate autonomous robots at logistics and distribution warehouses and plans to rake in about $725m from the SPAC listing. It serves over 1.4k stores across the US and Canada with clients such as Wholesale Grocers and its backer, Walmart (WMT). The new entity is set to trade under the ticker, SYM.
Why it matters
Recent supply-chain shortages have been worsened due to key labor shortages — Symbotic’s listing solves a very pressing workforce issue for companies through a tech-enabled solution: robotic labor. With private investors already committing $205m, the SPAC is set to give the company some much-needed growth capital.
