Insider Brief
- Fort Robotics secured about $20M in additional funding commitments from existing investors as it moves toward a planned public listing through its merger with Newbury Street II Acquisition Corp.
- Tiger Global is leading an approximately $10M financing with participation from Mark Cuban Companies and also committed another $10M to the PIPE tied to the transaction, bringing total committed capital connected to the deal above $50M.
- Fort said its physical AI safety technology is deployed across more than 19,500 units for more than 600 customers, while the company plans to use the new capital to expand its team and operating capacity across markets including warehousing, defense and construction.
Fort Robotics has secured about $20 million in additional funding commitments from existing investors as the physical AI safety company moves toward a planned public listing through its merger with Newbury Street II Acquisition Corp.
Tiger Global is leading an approximately $10 million financing, with participation from Mark Cuban Companies, that Fort expects to close this week. Tiger Global, which has has backed Fort since 2022, also committed another $10 million to the common-equity PIPE tied to the proposed business combination.
Fort said the latest commitments bring total capital pledged in connection with the transaction to more than $50 million.
The Philadelphia-based company indicated it plans to use the additional money to expand its team and operating capacity as it pursues customers in warehousing, defense, construction and other markets deploying more autonomous machines.
Fort develops what it calls a trust layer for physical AI, providing safety infrastructure for robots and autonomous systems. According to the company, its technology is deployed across more than 19,500 units and used by more than 600 customers, including Agility Robotics, DoorDash, Cobot, Zoox, Textron and Google DeepMind.
The company has also expanded its work with Agility Robotics on humanoid robot safety and recently introduced Connectivity Aggregation software designed to help autonomous machines maintain reliable connections.
Fort’s proposed merger with Newbury Street II Acquisition Corp. would create Fort Robotics Holdings, which is expected to trade on Nasdaq under the ticker FROB if the transaction receives required approvals. Fort said the deal would make it the first publicly traded company focused principally on safety infrastructure for physical AI.
