Walmart-backed Symbotic to go public via SoftBank SPAC

It is learned that according to foreign media reports, Symbotic, an artificial intelligence company held by Walmart, recently announced plans to go public through SPAC and will merge with SVF Investment Corp 3 sponsored by SoftBank.

The deal, which brings Symbotic’s estimated equity value to $5.5 billion and raises more than $725 million in total funding, including $200 million from SoftBank, comes at the end of a fruitful year for SoftBank in robotics investments.

In July, Walmart signed a deal with Symbotic to bring robotics technology to 25 regional Walmart distribution centers to automate the picking, stocking and unloading of goods. According to Walmart, the project will take "several years" to complete.

Symbotic says its robotic delivery service involves more than 1,400 Walmart stores in 16 states and eight Canadian provinces, which is likely referring to those locations that are directly affected by Walmart's distribution centers. The company's autonomous robotic system enhances Walmart's existing warehouse structure, while also leaning heavily into how it can affect current supply chain issues.

If the deal closes as expected in the first half of 2022, Walmart will own 9% of the robotics/AI company. Clearly, Walmart has determined that the commitment to building robotic fulfillment centers is a necessary step toward the future.

Editor ✎ Xiao Zhu/

Disclaimer: This article is copyrighted and may not be reproduced without permission.