- Berkshire’s shareholders Khosla Ventures, New Enterprise Associates, Canaan Partners, and SoftBank Group Corp. will roll 100% of their equity into the combined company.
- The company produces various AI-enabled robots for distribution center automation. It had $35M in revenue last year and expects $59M in 2021, and to become profitable in 2024.
- Berkshire most recently raised $263M in a Series B round in 2019.
Joby Aircraft, which is developing an electric vertical take-off and landing passenger aircraft, will merge with SPAC Reinvent Technology Partners. The SPAC was formed by LinkedIn co-founder Reid Hoffman and Zynga founder Mark Pincus.
- The company will pull in $1.6B in cash proceeds: $690M from Reinvent’s cash and $835M from PIPE. A $75M convertible note from Uber will also be converted into common stock at $10 per share.
- The deal includes an earnout structure with full vesting which can be realized after the share price reaches $50. This implies more than a $30B market capitalization.