AI startup Figure announced on Wednesday that it has raised $70 million in its first external funding round, led by Parkway Venture Capital. The company aims to build general-purpose humanoid robots and will utilize the new funding to expedite the development and manufacturing of its first autonomous humanoid, scheduled for launch within the coming months. While the valuation of the one-year-old startup was not disclosed, insiders estimate it to be over $400 million.
Founder and CEO of Figure, Brett Adcock, personally invested $20 million in the funding round. Other investors include Aliya Capital and Bold Ventures. Headquartered in Sunnyvale, California, Figure focuses on creating versatile humanoid robots capable of performing tasks in various environments, from warehouses to retail spaces. The company is currently engaged in discussions with retailers regarding potential commercialization opportunities.
Adcock highlighted that Figure stands out from other robotics companies like Boston Dynamics and Amazon Robotics by emphasizing the development of robots capable of handling general tasks. The long-term objective is to enable the robots to learn and interact with their environment. Adcock expressed his belief in the vast potential of general-purpose humanoid robots, stating that their deployment in the workforce can help address labor shortages and eventually eliminate the need for unsafe and undesirable jobs.
In the race to develop commercially viable humanoid robots, both major tech companies and startups, including Figure, are striving to lead the way. Tesla, for instance, unveiled a prototype of its humanoid robot named 'Optimus' last year. CEO Elon Musk anticipates that the electric vehicle manufacturer will begin taking orders for the robot within three to five years, with a price tag below $20,000.
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