Rivian robotics subsidiary valuation 34billion dollars
The valuation of Rivian robotics spin-off Mind Robotics reached 34billion dollars. Rivian holds about 38% stake, aiming to reduce production costs and benefit from a future increase in the value of its stake.
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Rivian robotics spin-off Mind Robotics was valued at 34billion dollars. The valuation followed a recent funding round. Mind Robotics is a company built around robotics technology used at Rivian’s production facilities.
Mind Robotics secured 4billion dollars in this funding round. The company plans to use the money to improve manufacturing efficiency. Rivian aims to lower vehicle production costs by using more robots in its manufacturing process.
Mind Robotics’ robots are initially intended for use inside Rivian factories. The company has said its goal is to improve workflows on the production floor. By taking on repetitive tasks, robots could help ease the burden on the manufacturing process.
Rivian holds approximately 38% of Mind Robotics. Because of this stake, changes in Mind Robotics’ valuation are also linked to Rivian shareholders. If an initial public offering takes place later, the value of Rivian’s stake could be assessed separately.
Mind Robotics also plans to sell its technology to other industrial companies, rather than limiting its use to internal operations. The target customers are companies that need factory automation and improvements to their production sites. Although Rivian is an electric vehicle manufacturer, it has left open the option of growing its robotics business as a separate business.
The industrial robotics market is tied to manufacturers’ efforts to reduce costs. Mind Robotics’ next steps are to secure external customers and raise additional funding. Rivian investors will watch changes in the value of this stake alongside the electric vehicle business.
Sources: The Motley Fool
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