Key Takeaways
- • FORT Robotics announced approximately $20 million in new commitments from existing investors, with Tiger Global leading an approximately $10 million financing that is expected to close this week, with participation from Mark Cuban Companies.
- • Tiger Global has committed an additional $10 million to a common equity PIPE tied to FORT's proposed business combination with Newbury Street II Acquisition Corp (Nasdaq: NTWO).
- • Total committed capital tied to the proposed business combination now exceeds $50 million, including previously announced PIPE commitments.
- • FORT, founded in 2018, reports 25 patents, more than 19,500 deployed units, and over 600 customers including Fortune 500 category leaders.
- • The company positions itself as the "Trust Layer for Physical AI," providing safety certification for autonomous machines across warehousing, manufacturing, defense, mining and other sectors.
Summary
Philadelphia-based FORT Robotics, a safety platform for autonomous machines, announced approximately $20 million in new commitments from existing investors, according to the company's release. The funding expands capital available for the company's next phase of growth. Tiger Global is leading an approximately $10 million financing with participation from Mark Cuban Companies, which is expected to close this week.
Separately, Tiger Global has committed an additional $10 million to the previously announced common equity PIPE (Private Investment in Public Equity) that is expected to close alongside FORT's proposed business combination with Newbury Street II Acquisition Corp (Nasdaq: NTWO). The company stated that, including previously announced PIPE commitments, total committed capital tied to the proposed transaction now exceeds $50 million.
FORT describes its mission as making autonomous machines safe, secure, and reliable enough to deploy at scale alongside humans. According to the company, its offering allows robot manufacturers and end users to certify safety, improve efficiency, and shorten time to market.
Founded in 2018, FORT says its solutions are used across warehousing, transportation, manufacturing, construction, agriculture, mining, energy, and defense. The company reports 25 patents, more than 19,500 deployed units, and a global customer base of over 600, including Fortune 500 category leaders.
Separately, Tiger Global has committed an additional $10 million to the previously announced common equity PIPE (Private Investment in Public Equity) that is expected to close alongside FORT's proposed business combination with Newbury Street II Acquisition Corp (Nasdaq: NTWO). The company stated that, including previously announced PIPE commitments, total committed capital tied to the proposed transaction now exceeds $50 million.
FORT describes its mission as making autonomous machines safe, secure, and reliable enough to deploy at scale alongside humans. According to the company, its offering allows robot manufacturers and end users to certify safety, improve efficiency, and shorten time to market.
Founded in 2018, FORT says its solutions are used across warehousing, transportation, manufacturing, construction, agriculture, mining, energy, and defense. The company reports 25 patents, more than 19,500 deployed units, and a global customer base of over 600, including Fortune 500 category leaders.
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