Agility Robotics, a humanoid robotics startup spun out of Oregon State University in 2015, plans to go public through a merger with special acquisition vehicle Churchill Capital Corp. XI, valuing the company at about $2.5 billion.
The transaction is expected to generate proceeds of more than $620 million, including approximately $200 million from a group of new and existing institutional investors, the company said.
Agility is best known for its bipedal robot Digit, which is used at nine customer sites, including Schaeffler, GXO, Toyota Motor Manufacturing Canada and Mercado Libre.
The company has received support from prominent technology companies and funds such as Amazon, Nvidia, SoftBank Vision Fund 2, and DCVC. The company currently plans to use the capital raised from the SPAC merger to increase production capacity for the next-generation Digit v5, fulfill existing orders, and expand to new and existing customers.
The company said it has secured more than $300 million in multi-year orders for the new model and a pipeline of more than 30 potential customers considering large-scale adoption.
“Humanoid robots are poised to become a critical driver of productivity, supply chain resiliency, and America’s technological leadership,” Agility CEO Peggy Johnson said in a statement. “With commercially deployed humanoids already operating in customer environments today, Agility can help companies address workforce shortages, improve efficiency, and securely integrate AI-powered automation into their operations.”
The combined company, which will trade on the North American Stock Exchange under the ticker symbol AGLT, has not yet been announced.
