Agility Robotics, the humanoid robotics startup that spun out of Oregon State University in 2015, plans to go public through a merger with special purpose acquisition company Churchill Capital Corp XI in a deal that values the company at roughly $2.5 billion.
The transaction is expected to generate more than $620 million in proceeds, including about $200 million from a group of new and existing institutional investors, the company said.
Agility is best known for Digit, a bipedal robot that is being used across nine customer sites, including with Schaeffler, GXO, Toyota Motor Manufacturing Canada, and Mercado Libre.
The company has enjoyed backing from high-profile tech companies and funds like Amazon, Nvidia, SoftBank Vision Fund 2, DCVC. Now it plans to use the capital raised in the SPAC merger to increase production capacity of its 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 evaluating large-scale deployments.
“Humanoid robots are poised to become a critical driver of productivity, supply chain resilience, and American technology leadership,” Agility CEO Peggy Johnson said in a statement. “With commercially deployed humanoids already operating in customer environments today, Agility is helping enterprises address labor shortages, improve efficiency, and safely integrate AI-powered automation into their operations.”
The combined company is expected to trade under the ticker symbol AGLT on a North American stock exchange that has not yet been announced.