Agility Robotics heads to Wall Street in a $2.5B bet on staffing warehouses with humanoids
A maker of humanlike robots that carry totes around warehouses is aiming to go public on Wall Street in a test of whether there is a market for putting AI-powered humanoid machines to work.
Agility Robotics, based in Salem, Oregon, announced Wednesday a planned merger with an investment firm that will value the company at $2.5 billion as it becomes the first publicly traded company entirely devoted to building and selling humanoids.
Its competitors include Tesla, whose CEO Elon Musk has pitched its humanoid prototype Optimus as the future of the carmaker; and Chinese robotics company Unitree, which recently moved toward going public on Shanghai's stock exchange.
Designed to pick up and move heavy bins and totes, Agility's flagship product, called Digit, is the “first humanoid robot employed and commercially operational in warehouse and industrial facilities,” said Michael Klein, co-founder and chairman of Churchill Capital Group, which runs the special-purpose acquisition company that intends to merge with Agility by the end of the year.
Klein said on an investor call Wednesday that the company has backing from Amazon, Nvidia, SoftBank and Taiwanese electronics manufacturer Foxconn. Its early customers include Toyota, industrial parts supplier Schaeffler, and Mercado Libre, the Latin American e-commerce giant.
While Agility describes its fully autonomous robot as a humanoid, the company's co-founder and chief robot officer Jonathan Hurst told investors Wednesday that “we’ve never set out to build a machine that looks like a person.” Unlike other humanoids, like Tesla's Optimus, Digit's legs are more birdlike than human in a design that is meant to better fit the work they do. Its hands are more like grippers or claws.
Agility CEO Peggy Johnson said Digit specializes in manual labor that for humans would be repetitive, dirty and prone to injury.
“The demand here is large and increasing,” she said on the investor call. “We have companies reshoring production, older workers retiring, and younger generations just not opting for these types of menial jobs.”
While earlier generations of industrial robots are typically so large and fast-moving that they must be fenced off from human workers, Hurst said upcoming versions of Digit will be able to work alongside humans in warehouses and manufacturing facilities. In the years to come, they could eventually find their way into hospitality, home services and elder care, he said.
Agility's plan to merge with Churchill's special-purpose acquisition company, known as a SPAC, provides a quicker timeline for going public and fewer disclosure requirements.
Johnson said the company will use the capital it raises to expand commercial deployments and scale production of its next robot model, Digit V5. It will be the fifth generation in a line of two-legged robots Agility first unveiled nearly a decade ago after spinning off from a robotics laboratory at Oregon State University.
The company is predicting a more than $1 trillion market for the types of robots it is building, though it is far from the only one trying to make them.
The surprise news of its planned public debut attracted a crowd of well-wishers to Agility’s booth Wednesday at the sprawling Automate robotics trade show in Chicago, said Aaron Prather, director of market intelligence at the Association for Advancing Automation, which helped organize the event.
Prather said the race between Agility and China's Unitree to go public also underscored the different approaches of companies designing humanoids, with Agility narrowing its focus on “worker bee” robots and Unitree frequently showing off machines that dance on two or four legs and do backflips and other entertaining gimmicks.
“Maybe it’s just maturing of the marketplace and these manufacturers are trying to find where their sweet spot is,” Prather said. “They’ll probably compete in some areas. But the space is so wide open, and everyone I think is trying to find where they fit.”
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