FORT Robotics, the Philadelphia-based safety-and-security platform for autonomous machines, said on August 18, 2026 it had entered a definitive business combination agreement with Newbury Street II Acquisition Corp (Nasdaq: NTWO). The transaction values the combined company at a pro-forma enterprise value of $556.6 million and is expected to close in the fourth quarter of 2026, listing on Nasdaq under the new ticker FROB.
The first public pure-play in physical AI safety
Founded in 2018 by CEO Samuel Reeves, FORT sells wireless emergency stops, vehicle safety controllers and the FORT Manager software console under a certified SIL 3 (IEC 61508) safety envelope. More than 19,500 units are deployed across 600+ customers including Agility Robotics, Google DeepMind, Zoox, Carnegie Robotics, DoorDash, Ocado and Textron. The company recently joined NVIDIA's Halos for Robotics ecosystem and, in May 2026, acquired teleoperation startup Mapless AI — a deal we tracked in our Mapless AI acquisition analysis.
Deal terms and capital plan
The SPAC is expected to deliver about $201 million in gross transaction proceeds (assuming no redemptions), including roughly $31 million in a concurrent PIPE and Non-Redemption Agreement (NRA) commitments, and inject approximately $182 million in net cash to the balance sheet. Existing FORT shareholders — backed by Tiger Global, Mark Cuban Companies, Prologis Ventures and Five Eleven Partners — will roll 100% of their equity and retain an estimated 67% majority of the combined company at closing. FORT said 2025 revenue compounded at a 62% year-over-year growth rate with 66% gross margins, while operating expenses grew just 19%.
Board and market context
The post-closing board will include DHL Supply Chain global CIO Sally Miller, former Uber executive Jennifer Vescio, University of Pennsylvania engineering dean Vijay Kumar and Vecna Robotics CEO Karl Iagnemma. Thomas Bushey, CEO of Newbury Street II and former president of autonomous robotics platform Ondas (Nasdaq: ONDS), will support the transition. The listing follows a wave of robotics public-market activity that includes RoboEra's $1B Hong Kong IPO and Unitree's $905M Shanghai float. BTIG served as exclusive financial advisor and sole placement agent to Newbury Street II; Evercore is structuring advisor to FORT.
Reporting based on coverage from RoboticsTomorrow, Crypto Briefing and SEC filings by Newbury Street II Acquisition Corp.