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Supply Chain Technology Platform Symbotic Closes Merger with SoftBank-Sponsored SPAC.

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Vincent

MANews-(C)2009-2022

US-based Symbotic LLC a A.I.-enabled technology platform for the supply chain, and special purpose acquisition company SVF Investment Corp. 3 (NASDAQ: SVFC), which is sponsored by an affiliate of SoftBank Investment Advisers, have closed a merger to make Symbotic a public company listed on NASDAQ, the companies said.

With completion of the merger, which is expected in the first half of 2022, the combined company will operate under the "Symbotic Inc." name and will trade on NASDAQ under the ticker symbol "SYM."

Symbotic is a product movement technology platform that is adaptable to a wide range of use cases.

The company rebuilt the traditional warehouse, powered by a fleet of autonomous robots with A.I.-enabled software, to create a first of its kind physical structure that can power a customer's entire supply chain technology platform.

The platform already serves some of the world's largest retailers, grocers and wholesalers, including Walmart, Albertsons and C and S Wholesale Grocers.

With the industry's largest contracted order backlog of over USD 5bn, the company already operates systems that service over 1,400 stores in 16 states and eight Canadian provinces.

The company expects to achieve USD 433m in revenue in FY 2022, representing an increase of more than 73% year-over-year.

Symbotic's A.I.-powered software acts as the conductor of a team of robots that receive, store and retrieve a virtually unlimited number of products.

At the core of the system is a fleet of several hundred autonomous, intelligent, mobile robots called "Symbots." These fully autonomous fleets of Symbots move products at speeds up to 25 mph with 99.9999% accuracy to and from random access storage structures.

As products exit the system, A.I.-enabled robots use proprietary end of arm tools and vision to output cases, totes and packages at some of the fastest speeds in the industry.

As a result of the transaction, the combined company received additional growth capital to supplement its...

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