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Humanoid robot startup Figure AI valued at $2.6 billion as Bezos, OpenAI, Nvidia join funding

Figure AI, a startup dedicated to crafting humanoid robots capable of tackling hazardous and unpopular tasks, has garnered significant support from major players in the realm of artificial intelligence.

Humanoid robot startup Figure AI valued at $2.6 billion as Bezos, OpenAI, Nvidia join funding

On Thursday, the company announced a successful funding round of $675 million, reaching a valuation of $2.6 billion. Notable investors in this round include Jeff Bezos, Nvidia, and Microsoft.

Established in 2022, Figure AI has engineered a versatile robot known as Figure 01, designed to mimic human appearance and movement. The company envisions its robots being deployed across various industries such as manufacturing, shipping, logistics, warehousing, and retail, where labor shortages are particularly acute. However, it emphasizes that its machines are not intended for military or defense applications.

Earlier this week, Figure AI unveiled a video showcasing Figure 01 in action. Tethered, the robot adeptly walks on two legs, employs its five-fingered hands to manipulate objects, and places them onto conveyor belts.

Figure AI's ultimate goal is to enable Figure 01 to autonomously perform everyday tasks, a feat that demands the development of more sophisticated AI systems.

Despite Figure AI's advancements, it faces stiff competition in the race to bring humanoid robots to fruition. Companies like Agility Robotics, backed by Amazon, and Tesla are also striving to develop humanoid robots, while Boston Dynamics has already produced several models. Additionally, Norwegian startup 1X Technologies recently secured $100 million in funding with support from OpenAI.

Analysts foresee a promising yet evolving market for humanoid robots, with projections suggesting a market value of $38 billion by 2035 and an estimated shipment of over 250,000 units by 2030.

Tom Andersson, co-founder and principal analyst of STIQ Ltd., underscores the need for significant advancements before humanoid robots can be widely deployed.

As part of the latest funding round, Figure AI has announced partnerships with OpenAI, the creator of ChatGPT, to advance AI models for humanoid robots. Moreover, it will leverage Microsoft's Azure cloud services for AI infrastructure, training, and storage.

Although humanoid robots entail costly components like actuators, motors, and sensors, analysts anticipate a reduction in these expenses in the coming years, making them more economically feasible.

Intel’s venture fund, along with Cathie Wood’s Ark Invest, Align Ventures, and existing investor Parkway Venture Capital, also participated in Figure AI's latest investment round.