Bright Machines raises $132 million 10 months after spiking merger plan - Silicon Valley Business Journal

Ten months ago, Bright Machines Inc. pulled the plug on plan to go public in a blank-check merger.

On Monday, the developer of automated manufacturing machines secured a big new cash infusion anyway and without hitting Wall Street. The San Francisco company announced it raised $132 million in debt and Series B equity funding. Eclipse Ventures led the $100 million equity side of the deal, while Silicon Valley Bank and Hercules Capital Inc. headed the $32 million debt portion.

Bright plans to use the new capital to accelerate its growth and to develop new software and service offerings, it said"We founded Bright Machines with a singular mission to enable our customers to transform the way they have historically approached product assembly," CEO Lior Susan said in the news release.

While a sizable funding round — a veritable $100-million-plus megadeal — the new capital infusion is less than a third of what Bright originally projected it would raise through its blank-check deal. When it

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