Figure Robotics Raises $675 Million in Series B Funding

Today, Figure confirmed the longstanding rumors that it has been raising more money than ever before. The Bay Area-based robotics company announced a $675 million Series B funding.

Figure rides the wave of hype surrounding humanoid robots to reach a valuation of $2.6 billion | ENBLE

Today, Figure Robotics, a Bay Area-based robotics firm, announced that it has raised an astonishing $675 million in a Series B funding round. This latest round values the startup at a staggering $2.6 billion post-money. The list of investors is equally impressive, with big names including Microsoft, OpenAI Startup Fund, Nvidia, Amazon Industrial Innovation Fund, Jeff Bezos (through Bezos Expeditions), Parkway Venture Capital, Intel Capital, Align Ventures, and ARK Invest.

🚀 It seems that Figure Robotics has been raising more money than God himself! 🤑 This funding round is a massive achievement for the still-young startup, which currently has 80 employees. However, with this new capital injection, it’s safe to assume that the team size will likely expand significantly.

The Journey of Figure Robotics

Figure Robotics, founded by serial entrepreneur Brett Adcock, started with an initial investment of $100 million. In May of last year, they secured an additional $70 million in a Series A funding round. This rapid growth is impressive, considering that Figure Robotics only launched in 2022. It’s clear that the company is living up to its name, with its funding figure becoming astronomical!

When Figure Robotics set out on its journey, the goal was to create a walking bipedal robot within a year. And, according to the company, they achieved that goal. While there weren’t any walking videos at the time, footage of their accomplishment has since surfaced.

The Rise of Humanoid Robots

Humanoid robots, like those developed by Figure Robotics, are currently in the spotlight. Other companies, such as Tesla, Apptronik, and 1X, have also showcased their own humanoid robots. Amazon even piloted Agility’s Digit robot, which has had success in supplementing human labor in warehouses and fulfillment centers.

Most of these companies, including Figure Robotics, are focused on building robots for industries rather than homes. This is because the upfront costs make more sense to justify in workplace settings. It’s important to calibrate our expectations of what these robots can achieve. While they may be capable of performing multiple tasks, like humans, true artificial general intelligence is still several years away.

“General purpose” refers to robots that can quickly learn and adapt to various tasks, just as humans do. Traditional robotics systems are single-purpose, excelling at repetitive tasks. However, multipurpose systems are emerging, and APIs like those provided by Boston Dynamics’ Spot are expanding functionality.

The ultimate goal is to develop robots capable of generalized AI. This humanoid form factor is chosen because it allows for greater adaptability. Robots built for a single function are challenging to modify, whereas those that think like humans can theoretically accomplish anything we can.

The Future of Robotic Integration

When I visited Figure Robotics’ headquarters last year, I noticed a demo area designed to resemble a warehouse or factory. This served as a showcase for potential clients and investors. This choice of setting is significant because warehouse work is often the first step towards broader adoption. Corporations are willing to invest in products that save them money in the long run. Additionally, it is easier to automate repetitive tasks in a structured environment like a warehouse.

It’s interesting to note that Figure Robotics has also signed a partnership deal with generative AI pioneer, OpenAI. The collaboration aims to develop next-generation AI models for humanoid robots, with a focus on enhancing natural methods of communication between the robots and humans. The goal is to allow people to give commands in natural language and give humans a better understanding of the robot’s actions. This collaboration will surely accelerate Figure Robotics’ progress and commercial timeline.

Another intriguing aspect of this deal is that OpenAI is also investing in a direct competitor of Figure, 1X. This could either be OpenAI reevaluating its investments or simply covering all bases. However, it’s a testament to Figure Robotics’ progress in the past eight months that such prominent players are interested in partnering with them.

Realistic Expectations and Challenges

One thing to consider when watching videos of robots in action is that they are typically more dexterous in mechatronics than through AI and autonomy. While Figure Robotics’ Figure 01 robot appears quite agile, it’s important to remember that robots don’t have to behave exactly like humans. The positioning and movements of the robot’s arms may seem uncomfortable for humans, but for the robot, it’s all about balance and stability.

It’s evident that the funding secured by Figure Robotics will be used to accelerate their go-to-market strategy. The company has already made a deal with BMW for the deployment of their robotics technology.

Q&A: Answering Your Burning Questions

Q: How long has Figure Robotics been in operation?

A: Figure Robotics was founded in 2022, making it a relatively young startup. However, it has already made significant strides in the robotics industry, securing substantial funding rounds and forming partnerships with big players.

Q: What is the advantage of humanoid robots in the workplace?

A: Humanoid robots have the potential to perform a wide range of tasks, just like humans. Their adaptability and ability to think like us make them valuable assets in work environments where tasks may vary. This versatility opens up possibilities for increased efficiency in industries like warehousing and manufacturing.

Q: Can we expect humanoid robots to be used in homes anytime soon?

A: While the deployment of humanoid robots in homes is a desirable prospect, it may still be a while before it becomes a reality. Currently, the focus is on the workplace, where the justification for automation is stronger due to cost savings. Consumers will likely demand highly advanced and capable robots that can match human abilities before integrating them into their daily lives.

Q: What challenges do humanoid robots face in performing tasks?

A: Humanoid robots face various challenges in performing tasks, especially when it comes to autonomy. The real world is filled with unpredictable variations that robots must navigate. As these tasks become less structured, the potential for errors increases. Achieving true autonomy in such scenarios is complex and requires solving numerous technical challenges.

Q: How is the collaboration between Figure Robotics and OpenAI beneficial?

A: The partnership between Figure Robotics and OpenAI aims to develop advanced AI models for humanoid robots. This collaboration will enhance the robot’s ability to understand and process natural language, enabling more efficient communication between robots and humans. It’s a major step forward in bridging the gap between humans and robots in complex work environments.

Looking Ahead: The Future of Humanoid Robotics

The success and funding raised by Figure Robotics highlight the growing interest in humanoid robots and their potential impact on industries. As technology continues to advance, we can expect more significant developments in the field of robotics. The collaboration between Figure Robotics and OpenAI is just one example of how partnerships can accelerate progress and open up new possibilities for integrating robots into our everyday lives.

References:

[1] Figure AI Robotics Firm Raises $675 Million in a Major Deal with BMW [2] BMW to Deploy Figure’s Humanoid Robot at South Carolina Plant [3] Bill Gates Predicts Massive Technology Boom with AI Coming Soon