Figure AI has raised $675m at a $2.6bn valuation and has entered into partnerships with OpenAI and Microsoft to roll out its humanoid robots.
Figure AI, a start-up focused on humanoid robotics, has seen its valuation and notoriety surge following a massive funding round backed by several tech giants.
The $675m Series B funding round included participation from Microsoft, OpenAI, Nvidia, Jeff Bezos – through Bezos Expeditions – Parkway Venture Capital, Intel Capital, Align Ventures and ARK Invest. Figure AI raised the funds at a $2.6bn valuation.
The start-up was founded less than two years ago and is focused on developing autonomous, general purpose humanoid robots. The company said its initial focus is on addressing human labour shortages.
Figure AI said its robots will combine the “dexterity of the human form and cutting-edge AI” to support various sectors including manufacturing, logistics, warehousing and retail. The company also believes there are long-term business opportunities in supporting aging populations with at-home care.
The start-up said the investment will accelerate its timeline for humanoid commercial deployment. The funding and will be used for AI training, manufacturing, deploying more robots and expanding its team.
Figure AI is also collaborating with OpenAI to develop next generation AI models for humanoid robots. The start-up said this will also boost its commercial timeline by enhancing the capabilities of humanoid robots to process and reason from language. Figure AI said it will also leverage Microsoft Azure for AI infrastructure, training, and storage.
The robotics start-up shared a video last month of one of its Figure 01 robots making coffee “only using neural networks”.
“This investment, combined with our partnership with OpenAI and Microsoft, ensures that we are well-prepared to bring embodied AI into the world to make a transformative impact on humanity,” said Figure AI founder and CEO Brett Adcock said. “AI and robotics are the future, and I am grateful to have the support of investors and partners who believe in being at the forefront.”
There appears to be a growing interest in robotics as a way to address labour shortages. Last month, robotics start-up Monumental raised $25m to deploy autonomous robots across European construction sites.
Last year, pharma distributor United Drug turned to robotics as a way to address labour shortages. The company deployed 21 autonomous robots in its Dublin distribution centre to work alongside human workers and improve productivity.
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