Manufacturing agency Shiny Machines raises $132M after unfulfilled SPAC deal • TechCrunch

In Might of final 12 months, Shiny Machines introduced plans to embrace the SPAC craze with a merger deal that valued the Bay Space-based manufacturing agency at $1.6 billion. Because the temperatures for the phenomenon cooled, nonetheless, so too did its plans. The plug was pulled final December, a bit of over a month earlier than it was deliberate to undergo.

Even with out the SPAC slowdown, it hasn’t precisely been the best financial system for such a big deal.

Right this moment, the corporate introduced that it’s returned to the extra tried and true methodology of fundraising with a mixed $132 million increase — that’s $100 million in fairness funding (led by founder Lior Susan’s personal Eclipse Ventures) and $32 million in debt (co-led by Silicon Valley Financial institution and Hercules Capital). All advised, the most recent spherical brings the agency as much as $330 million since its 2018 founding, when it arrived with a $179 million Sequence A.

The funding comes because the U.S. has taken an aggressive method towards reinvigorating home manufacturing, partially on account of financial incentive payments just like the CHIPS act. Corporations like Intel have been investing billions to assist diversify geographic semiconductor manufacturing. Shiny Machines’ personal imaginative and prescient is constructed across the idea of “micro factories” — software-driven manufacturing traces that depend on robotics and automation.

The corporate says it has deployed some 100 such micro factories throughout 13 nations since its founding. The newest funding will go towards accelerating its roadmap.