Nemi agrees to go public at $400 million valuation to fund its factory AI ambitions

Nemi is seeking public-market capital to build AI inside the factories it operates. On November 5, 2026, the manufacturer signed a merger agreement with BHAV Acquisition Corp. at a $400 million pre-money equity valuation. The proposed transaction would support factory expansion, acquisitions and automation—not mark the completion of its AI platform.

BHAV is a special purpose acquisition company, or SPAC: a publicly traded company formed to combine with another business. The companies expect to close in the first quarter of 2027, subject to shareholder and regulatory approvals, an effective registration statement and other conditions. Nemi expects to trade on Nasdaq under the ticker NEMI afterward.

The factory supplies the work—and the data

Nemi says it operates more than 300,000 square feet of manufacturing space in India, making products ranging from precision metal parts to electronics, batteries and complex assemblies. It sells manufacturing capacity to enterprise customers and also runs an electric-vehicle business. Across those businesses, it reports more than 50 enterprise customers.

Founder and CEO Anirudh Ravi Narayanan argues that hardware’s largely proprietary, closed data makes operating inside factories essential to automating them. Nemi’s approach is to use the parts it designs and builds as data for subsequent work. Its developing Large Manufacturing Model divides that work among three tools:

• Anvil handles design and engineering, turning an engineering brief into computer-aided designs, electronics designs, simulations and a released bill of materials.
• Orion covers factory operations and robotics, extending the platform toward work on the production floor.
• Atlas covers commercial and after-sales work, rather than product engineering or factory operations.

Despite the name, Nemi does not develop its own foundation models—the underlying AI systems powering these tools. Its disclosure says Anvil, Orion and Atlas use third-party models selected for their tasks. The Large Manufacturing Model name is an analogy to large language models, not a claim that Nemi trains one.

On more than 35 customer and internal programs over the past year, Nemi says design work finished about three times faster with roughly one-third of the engineers. That comparison uses its own pre-platform baselines for similar work. The measurements come from unaudited management records and have not been independently verified.

The valuation is fixed; the cash is conditional

The agreement assigns Nemi 40 million shares at $10 each, with consideration entirely in stock and no earnout. That equity valuation is separate from the money available to expand the business. Nemi is targeting a $50 million private investment in public equity, known as a PIPE, at $10 per share; it has not announced that funding as secured.

If the full PIPE is raised and BHAV’s public shareholders do not redeem their shares, the companies estimate $142.5 million in closing cash after expenses. The agreement includes a $30 million minimum available cash condition, but the parties may waive it.

Expansion depends on turning demand into production

Nemi intends to use proceeds to add factory capacity, acquire manufacturers, develop its platform and robotics, and fund working capital. Its acquisition strategy is to buy traditional manufacturers and deploy the platform inside them. It says it has prospective targets, but no definitive acquisition agreements have been signed.

As of October 14, Nemi had more than $14 million in open purchase orders from 16 customers, subject to contractual milestones. Customers also signed non-binding letters of intent indicating more than $100 million in potential revenue through 2028. Those letters may never become orders or revenue, making them a different measure of demand from the purchase orders.