Tech moguls, including Jeff Bezos, are delving into the world of human-like robots, a venture driven by the quest to explore novel applications for artificial intelligence.
Figure AI Inc., a startup in this domain, is securing a substantial $675 million in funding, and has a pre-money valuation of approximately $2 billion. With backing from heavyweights like OpenAI, Microsoft Corp., and Bezos’ Explore Investments LLC, Bloomberg first reported.
Jeff Bezos is taking the lead with a commitment of $100 million, joined by Microsoft with a $95 million investment, while both Nvidia and an Amazon.com Inc.-affiliated fund contribute $50 million each.
The initiative points to the industry’s collective pursuit of groundbreaking advancements in AI and robotics.
What we know
Amid technological advancement, Robots have taken priority in the AI industry, serving as conduits for cutting-edge technology to address tangible challenges.
At Figure, engineers are developing a humanoid robot, Figure 01, designed to emulate the appearance and movements of humans.
- The company aspires for Figure 01 to undertake hazardous tasks unsuitable for human involvement, thereby contributing to the mitigation of labor shortages.
- Joining the robotic revolution are key players in the tech industry, Intel Corp.’s venture capital arm is injecting $25 million, LG Innotek contributes $8.5 million, and Samsung’s investment group commits $5 million. Notable backers encompass Parkway Venture Capital investing $100 million, Align Ventures providing $90 million, and participation from the ARK Venture Fund with $2.5 million, Aliya Capital Partners investing $20 million, along with contributions from Tamarack ($27 million), Boscolo Intervest Ltd. ($15 million), and BOLD Capital Partners ($2.5 million). This diverse consortium of investors converges to fuel advancements in AI-driven robotics.
What you should know
OpenAI, previously in discussions to acquire Figure, is now investing $5 million in the company.
The participation of these tech giants facilitated an increase in funding from the initially sought $500 million to an impressive $675 million for Figure. Representatives for Figure and the investors have refrained from commenting, and details are expected to be finalized by Monday.
The estimated pre-money valuation of around $2 billion does not incorporate the capital Figure is raising. In a previous funding round last May, Parkway led a $70 million investment in Figure. CEO Brett Adcock expressed the aspiration for Figure to pioneer a commercially viable humanoid robot.
The AI robotics industry has witnessed recent activity, with OpenAI-backed 1X Technologies AS securing $100 million, Sanctuary AI developing the humanoid robot Phoenix, and Tesla working on the Optimus robot.
Amazon-supported Agility Robotics has bots in testing at its warehouses, reflecting the dynamism in this technological domain.
Jeff Bezos, the world’s second-richest individual, continues to make strategic investments post his tenure as Amazon’s CEO, with a net worth estimated at $197.1 billion.
