Fort Robotics to go public via SPAC at $556.6 million valuation

Fort Robotics, a Philadelphia-based startup founded in 2018, has agreed to go public through a business combination with Newbury Street II Acquisition Corp. The transaction aims for an implied pro forma enterprise value of approximately $556.6 million, with a pre-money equity value of $500 million.

The combined company is expected to trade on the Nasdaq under the ticker FROB. The deal is projected to generate roughly $201 million in gross proceeds, assuming no redemptions. This includes approximately $31 million in committed equity from institutional investors such as Tiger Global, Prologis Ventures, and Mark Cuban.

Fort Robotics specializes in a “Trust Layer for Physical AI,” providing a machine-agnostic safety infrastructure platform. This technology is designed to allow autonomous machines from various manufacturers to operate safely around humans in shared environments. The company’s platform is supported by 25 patents and serves over 600 customers, including Google DeepMind, Zoox, and DoorDash.