Nemi is taking its factory software public. Nemi Corp. and BHAV Acquisition Corp. announced on November 5, 2026, that they had entered a definitive agreement to combine, valuing Nemi at $400 million pre-money and setting up a planned Nasdaq listing for its manufacturing and physical-AI business. The transaction is entirely stock-based, because apparently cash has become too conventional.
The deal covers 40 million shares at $10 each, including Nemi’s existing equity, outstanding equity awards and securities issued in its pre-closing financing. There is no earnout. Nemi is also targeting a $50 million private investment in public equity, or PIPE, at $10 per share; that figure is a financing goal, not money already raised.
Assuming a full PIPE and no redemptions by BHAV public shareholders, the companies estimate approximately $142.5 million in cash at closing after estimated expenses. That total would come from BHAV’s $100 million trust account and the PIPE.
Cash for factories, acquisitions and robotics
Nemi plans to use the proceeds for additional factory capacity, purchases of manufacturers already serving its markets, continued development of its Large Manufacturing Model and Phase 2 robotics, plus working capital. The acquisition plan sits at the center of its growth model: buy conventional manufacturers, then deploy Nemi’s software across their operations.
No definitive acquisition agreements had been signed when the transaction was announced. That leaves the strategy clear but the shopping list empty — a familiar position for companies pitching consolidation before the first purchase closes.
Nemi operates more than 300,000 square feet of manufacturing space in India, producing precision metal parts, tooling, electronics, batteries, motors, plastics and complex assemblies. It sells that capacity as Manufacturing-as-a-Service and also operates an electric-vehicle business.
The company reported more than 50 enterprise customers across manufacturing and electric vehicles, including Indian defense, aerospace and space organizations reached directly or through partners, along with automotive manufacturers. As of October 14, 2026, Nemi had more than $14 million of open purchase orders from 16 customers, subject to contractual milestones.
Three software suites and an uneven rollout
Nemi is developing the Large Manufacturing Model, or LMM, as an AI-powered platform designed to automate product design, engineering and manufacturing end to end while reducing costs and lead times. The name is an analogy to large language models, though Nemi does not build its own foundation models; its tools use third-party AI models selected for each task.
The LMM contains three connected suites. Anvil is intended to turn an engineering brief into computer-aided design, electronics design, simulation and a released bill of materials. Orion covers factory operations and robotics, and Nemi’s product site describes it as a digital-twin factory system. Atlas handles commercial and after-sales work, then returns field data to subsequent designs.
That stack is not at one uniform stage of deployment. The digital-twin enterprise-resource-planning system is deployed, factory orchestration is in pilot, and low-cost robotics remain in development. Nemi plans to test each stage in its own plants before deploying the tools in acquired manufacturers.
Chief executive Anirudh Ravi Narayanan said hardware data is mostly proprietary and closed, which gives Nemi a useful source of information when the company designs and builds parts itself. Those parts can become data for subsequent work, linking manufacturing output back to future designs rather than treating each project as a fresh start.
BHAV Acquisition Corp II announced the closing of its previously announced initial public offering on October 30, 2026. The offering consisted of 10,000,000 units priced at $10.00 per unit, with each unit containing one Class A ordinary share and one right; each right entitles its holder to receive one-fourth (1/4) of one Class A ordinary share when the company completes its initial business combination.
The units began trading on the Nasdaq Global Market under the ticker symbol “BHAIU” on October 29, 2026. Once the securities began separate trading, the Class A ordinary shares and rights were expected to trade under “BHAI” and “BHAIR,” respectively.
The proposed combination gives Nemi a route to public markets and a pool of capital for factories, acquisitions and software development. Whether the LMM can move from deployed planning tools and pilot orchestration to working robotics across purchased manufacturers will determine if this is a manufacturing platform or an expensive collection of well-labeled ambitions.
Based on
- Nemi Plans Nasdaq Listing After SPAC Merger with BHAV Acquisition Corp — unite.ai
- Physical AI and Manufacturing Company Nemi to Go Public at a $400 Million Pre-Money Equity Value Through Business Combination with BHAV Acquisition Corp | Markets Insider — markets.businessinsider.com
- Agility Robotics’ Nasdaq debut invites scrutiny of humanoid robot market | Ars OpenForum — arstechnica.com
- BHAV Acquisition Corp II Announces Closing of $100 Million Initial Public Offering | Markets Insider — markets.businessinsider.com
- Middle Market Industrial Manufacturing: An Operator-Driven Recovery — forbes.com
