FORT Robotics, a Philadelphia-based safety technology company, has secured around $20 million in new funding commitments from investors, including Tiger Global and Mark Cuban Companies, to expand its safety solutions for autonomous machines.
Tiger Global led an approximately $10 million funding round, with participation from Mark Cuban Companies. Tiger Global has also committed another $10 million to a previously announced private investment in public equity (PIPE) linked to the company’s planned merger with Newbury Street II Acquisition Corp.
With the latest commitments, the total capital committed to FORT Robotics’ proposed business combination has exceeded $50 million, according to the company.
FORT Robotics to Expand Operations
Founded in 2018 by CEO Samuel Reeves, FORT Robotics develops safety technology for physical AI and autonomous robotic systems. Its platform includes wireless emergency stop systems, machine controls, connectivity software and safety solutions that allow human operators to intervene when autonomous machines face problems.
The company plans to use the new funding to expand its team and operating capacity. It also aims to meet growing customer demand across warehousing, defence, construction and other industries adopting autonomous systems.
FORT Robotics says its technology is deployed across more than 19,500 units worldwide and serves over 600 customers. Its customers include Agility Robotics, DoorDash, Zoox, Textron and Google DeepMind. The company also holds 25 patents.
Planned Nasdaq Listing
The funding comes as FORT Robotics is preparing for a proposed merger with Newbury Street II Acquisition Corp, a special purpose acquisition company, or SPAC. Upon closing of the transaction, the combined company is expected to trade on the Nasdaq Stock Market under the ticker symbol FROB and operate as FORT Robotics Holdings, Inc., subject to regulatory approvals.
The proposed transaction values FORT Robotics at approximately $500 million before the merger, according to reports.
Tiger Global has backed FORT Robotics since leading its Series B funding round in 2022. The latest investment reflects continued investor interest in physical AI, where autonomous machines are increasingly being deployed across industrial and commercial environments.
The more autonomous systems are deployed, the more important robust safety technology becomes. This is where FORT Robotics comes in. Our systems allow machines to work safely with people, while keeping human operators in control when needed.
