Bright Machines Announces $50M Factory Resiliency Fund
Provides Financial Relief to Manufacturers Modernizing in Response to COVID-19 Disruption
San Francisco, CA – Today, Bright Machines™ made it easier for manufacturers to modernize and make factories more resilient. With its new Factory Resiliency Fund*, Bright Machines has committed up to $50M to help new customers take advantage of no upfront cost automation. Designed to help mitigate the financial challenges associated with Covid-19, the Factory Resiliency Fund has been established to help manufacturers future proof factories and get businesses back on track today.
“With the challenges brought on by Covid-19, the need for responsive and resilient factories is greater than ever,” said Amar Hanspal, CEO, Bright Machines. “Getting factories back to work is our highest priority.”
Bright Machines Factory Resilience Fund
Capital expenditures and cash flow remain a top concern for Bright Machines’ customers in the current environment. The Factory Resilience Fund leverages Bright Machines Select, a microfactory-as-a-service, that offers a cost-effective path for manufacturers looking to reap the benefits of Bright Machines’ intelligent automation solutions without incurring high upfront capital expenses. The program, available immediately, allows Bright Machines Select customers to defer payments until 2021. Furthermore, Bright Machines will defer payment for the first three months after the solution passes a factory site acceptance test (SAT). Participation is subject to enrollment in a three-year Bright Machines Select contract for Bright Machines Microfactories™.
When payments commence, Bright Machines Select delivers better capital efficiency by allowing companies to treat automation costs as an operating expense while meeting production demands using market-leading automation.
The Factory Resilience Fund is part of Bright Machines’ overall commitment to supporting customers, partners and communities through the Covid-19 pandemic. Bright Machines recently committed to provide no-cost access for up to 12 months for any Bright Machines Microfactory deployment associated with the Covid-19 response.
Bright Machines Microfactories and Bright Machines Select
Bright Machines Microfactories, introduced in June 2019, combine adaptive robots, machine learning and cloud technology to provide a modern, software-defined approach to assembly automation. Bright Machines Select provides access to the full capabilities of a Bright Machines Microfactory combining a modular hardware system consisting of one or more Bright Robotic Cells, intelligent material feeding and transport systems, and industry-leading support with Brightware™ – intelligent software for configuring, running and monitoring of microfactories.
Original equipment manufacturers (OEM) and contract manufacturers (CM) around the world have turned to Bright Machines to assemble products with greater flexibility, higher productivity and more predictable outputs, delivering better overall equipment effectiveness and capital efficiency within their factories.
About Bright Machines
Bright Machines helps companies manufacture more products, at a higher-quality and lower cost. The company’s software and robotic cells intelligently automates product assembly and inspection, helping solve the capacity needs and labor challenges of modern factories. With more than 450 employees worldwide, Bright Machines is headquartered in San Francisco with US offices in Austin and Seattle, and locations in China, Israel, Mexico and Poland. Visit www.brightmachines.com.
* Offer valid for new Bright Machines customers May 20, 2020 through September 1, 2020 and cannot be combined with other offers. The deferred three-month payment will be incorporated into the remainder of the three-year Bright Machines Select contract.
