Deploying AI Models at the Edge

Blaize announces plans to go public via merger with BurTech

Blaize announces plans to go public via merger with BurTech

Blaize Inc, an AI-enabled edge computing solution provider, plans to merge with BurTech Acquisition Corp., a publicly traded special purpose acquisition company. The merger will make Blaize a publicly traded company listed on Nasdaq. The transaction values Blaize at a pro forma enterprise value of $894 million.

Blaize offers AI-enabled computing solutions for various industries, including automotive, retail and healthcare. With a full-stack programable processor architecture and low-code/no-code software platform, the company says enterprises can leverage AI at the network edge and data center for real-time insights.

Shahal Khan, the CEO and chairman of BurTech, explains that the potential of edge AI is vast, and this partnership positions the combined company for success.

“Our confidence in Blaize’s management team is unwavering, and together, we are poised to be a leading player in a bright and transformative future in the world of edge AI,” adds Khan.

Blaize notes that its processor architecture addresses the challenges of edge AI processing with high-performance computing, low power consumption and minimal latency. The company says it also includes a user-friendly software suite for application development and deployment.

Under the merger agreement, Blaize will merge with a Delaware subsidiary of BurTech. Blaize will survive the merger as a wholly-owned subsidiary of BurTech. Blaize stockholders will receive BurTech common stock based on an implied pro forma enterprise value of approximately $894 million for $10.00 per share.

The proposed transaction is anticipated to generate a minimum of about $71 million. This includes approximately $46 million in cash from BurTech’s trust account and a $25 million committed investment from Burkhan Capital, LLC. The investment will be in the form of convertible notes and Blaize warrants.

BurTech may also issue 16.3 million earnout shares of common stock. These shares will be granted to Blaize and Burkhan Capital LLC shareholders based on specific stock price thresholds outlined in the merger agreement. BurTech will also be renamed “Blaize Holdings, Inc”.

Dinakar Munagala, the CEO and co-founder of Blaize, says that the collaboration with BurTech is a milestone for Blaize.

“We are grateful for the support of our long-term investors and the commitment from BurTech. This enables us to rapidly deploy our proprietary AI solutions across multiple geographies and play a prominent role in shaping the future of sustainable AI innovation,” Munagala states.

The transaction between BurTech and Blaize, approved by both boards of directors, is set to close in Q2 2024. The closure is subject to stockholder approval, customary closing conditions and regulatory approvals.

Read more:

Mark AB Capital unites with Blaize to help propel UAE’s AI future

Aetina unveils ASIC-based edge AI system powered by Blaize Pathfinder P1600

 

Article Topics

 |   |   | 

Comments

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Featured Edge Computing Company

Edge Ecosystem Videos

Deploying AI Models at the Edge

“Deploying

Latest News