AI startup Figure raises $70M to build autonomous humanoid robots; now valued at $400 million
Figure, an AI Robotics startup building general-purpose humanoid robots, has raised $70 million in Series A funding to accelerate the development and accelerate the development and manufacturing of the first-of-its-kind AI autonomous humanoid called Figure 01.
The round was led by Parkway Venture Capital. Although the exact valuation of the one-year-old company was not disclosed, a reliable source familiar with the firm estimated its value to exceed $400 million. Figure founder and CEO Brett Adcock also invested $20 million of his own money in the round. Other backers include Aliya Capital and Bold Ventures.
Figure will also use the funding proceeds to build out Figure’s AI data pipeline for autonomous operations and drive toward commercialization, the company said on Wednesday.
Based in Sunnyvale, California, Figure is building humanoid robots designed for initial deployment into the workforce to address labor shortages and support the supply chain on a global scale.
In recent months, Figure made notable hires across AI, Controls, Manipulation, Perception, and Commercial Operations. Figure’s latest hire, Bob Klunk, joined the team as Head of Warehouse Solutions to help bring Figure 01 into its first real-world application. Bob, former SVP of Operations at Geodis, is a fulfillment operations veteran and brings over two decades of warehouse experience to the team.
“We’re focused on investing in companies that are pioneers in AI technology, and we believe that autonomous humanoid robots have the potential to revolutionize the labor economy. We are impressed by the rapid progress that Brett and the team of industry experts at Figure have made in the last year and are thrilled to be a financial partner to provide resources to accelerate the commercialization of Figure 01” says Jesse Coors-Blankenship, Co-Founder and Managing Partner of Parkway Venture Capital.
In the race to create the next commercially viable humanoid robot, both established tech giants and startups like Figure are actively involved. Tesla, for instance, unveiled a prototype of its humanoid robot called ‘Optimus’ last year. Elon Musk, the CEO of Tesla, projected that the company would start accepting orders for the robot within three to five years, with a price tag below $20,000.
According to Adcock, the founder of Archer Aviation, Figure sets itself apart from robotics companies like Boston Dynamics and Amazon Robotics by focusing on creating robots capable of performing various tasks. The ultimate objective is to develop robots that can learn and interact with their environment.
“Figure’s near-term goal is to deploy humanoids into the workforce, and we believe that the structured, repetitive, and often dangerous tasks in warehouses are a great potential first application. This investment round will support the testing of early warehouse solutions and gives us the ability to move and iterate quickly ahead of commercial operations. I look forward to growing this strategic partnership with Parkway and all participating investors to support the success of Figure” says Brett Adcock, Founder and CEO of Figure.