robotics automation technology company Symbiotic making its market debut on
the NASDAQ today via SPAC deal in a combination with
Softbank's Vision fund. Well the company ringing the opening
bell at the NASDAQ and Cheryl started trading at$10.55
. We can take a look now. But its
debut coming amid an urgent need for solutions like those
that the company is trying to offer as it aims
to reimagine supply chains with ai powered robotic and software
platforms. So joining me now is symbiotic CFO Tom
ernst and managing partner at the Softbank investment advisers because
because correct sorry, we had a little bit of
a squeeze there in the prompter but tom we'll start
with you first. So before we get to the
company's debut, just talk to me more about what
your firm is doing to try to improve the supply
chain. Thank you chris and good afternoon so we're
thrilled to be here. Um Symbiotic is no startup
were more than 10 years history here, inventing and
perfecting the technology using autonomous bots and artificial intelligence to
revolutionize the distribution center. So our technology enables radically
faster throughput, radically more efficient throughput and um with
with a far higher accuracy rate which really enables our
customers to deliver to their end consumers the products they
want um in the quantity they want them with certainty
and at a more efficient and reasonable price that the
customer wants. Certainly we all feel the pressures of
the supply chain across the board tom during these past
two years of the pandemic because I want to bring
you in as well as a representative of softbank in
this deal in this back of course, this plans
for a business combination announced back in december what was
attractive to Softbank in this investment. Thanks so much
and thanks so much for having me. I think
you know what I want to first say is it's
an absolute privilege to be partnering with rick Cohen and
the entire symbolic team. Um We, you know
, our stack program is a way for us to
create ownership in world class technology companies. And we've
seen a lot of companies come across our desk and
symbiotic truly stands out in a few dimensions. One
is the technology itself, the use of ai the
use of software and hardware systems technology to attack such
a big tan, which is point number two,
which is the market they're going after. It's measured
in billions. Um and it's an incredibly exciting market
that is a need for automation, quite frankly,
because of the various macro factors involved. And that
two factors were incredibly exciting. And the third factor
was the team itself, the team itself is world
class. Um starting with rick and you know,
the last thing I'll say is we are used to
backing technology companies that require some time to get probably
won't fit symbolic is unique in the fact that the
product market fits here and it's a company that has
scale revenue and a pathway to profitability in the near
future. Um So those were very attractive to us
as a spec sponsor. I can tell obviously with
a dual appearance on the Big SPAC debut day at
the NASDAQ in Times Square. Um It's good to
see tom heading back to you, I know this
particular deal by topping the capital markets here. You're
gonna raise about 735 million. How are you gonna
use that to continue to expand the company? Yeah
, Kristen we we have really excited a lot of
demand from customers so and these are the biggest customers
out there with the most sophisticated and um and most
complex supply chains, customers such as walmart Albertsons,
cns wholesale groceries. So those customers that have entrusted
with us Orders for over$11 billion dollars worth of
our systems to revolutionize revolutionize the way their supply chain
works. We're going to use the capital, as
Vikas mentioned to really invest and ensure that we're delivering
the technology to generate breakingly happy customers to help them
accomplish their goals. So we recently posted our fiscal
second quarter results in which we grew our revenues by
315% year on year to 96 million in revenue.
So we're using this capital to help support that growth
and ensure that we go well beyond profitability and take
us into the future. Alright guys, well,
congratulations, A really warm market debut with the stock
up today. We got to leave it there.
That symbiotic CFO Tom ernst and the cost correct managing
partner at Softbank investment advisers. Thank you.