Figure rides the humanoid robot hype wave to $2.6B valuation

Humanoid Robot Company Figure Raises $675 Million Series B, Valued at $2.6 Billion

Figure, a Bay Area-based humanoid robotics firm, has secured a massive $675 million Series B financing round. This latest fundraising round values the young startup at a staggering $2.6 billion post-money. Notably, the roster of high-profile investors includes tech giants Microsoft, OpenAI, Amazon, Nvidia, Intel Capital, and several venture capital firms.

Founded by entrepreneur Brett Adcock, Figure initially self-funded with an initial $100 million investment. Following a successful Series A round in May 2022, the company continued to attract significant interest due to the growing hype surrounding humanoid robots.

With a team of only 80 employees, Figure plans to utilize the fresh funds to expand its workforce and further advance its technology. The company made waves when it publicly stated its ambition to develop a walking bipedal robot within a year – a feat it reportedly accomplished last year.

Humanoid robots have gained considerable attention lately, with various companies exploring their potential uses in industries. Companies like Tesla, Apptronik, 1X, and Agility have showncase examples of humanoid robots designed for industrial purposes. Amazon, too, has begun piloting the use of Agility’s Digit robot in its warehouses and fulfillment centers.

While consumer adoption may still be a ways off, focusing on industrial applications holds merit due to the lower upfront costs and practicality of addressing specific functions. However, it’s essential to manage realistic expectations regarding the limitations of current technologies. As roboticists estimate AGI to be approximately five years away, “general-purpose” humanoids refer to systems able to learn multiple tasks rather than being limited to a singular function.

In addition to its recent funding announcement, Figure revealed a strategic partnership with generative AI pioneer OpenAI to jointly develop advanced AI models for humanoid robots. This collaboration aims to enhance the communication abilities between robots and their human counterparts using natural language processing.

Figure rides the humanoid robot hype wave to $2.6B valuation