Robotics start-up Figure AI is negotiating a $1.5bn funding round that could push its valuation to approximately $39.5bn, reported Reuters, citing sources.
The Series C funding round is set to be led by Parkway Venture Capital.
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According to Bloomberg, Align Ventures could co-lead the round.
In 2024, Figure AI announced it had secured $675m in funding from investors including OpenAI, Nvidia, Microsoft and Amazon founder Jeff Bezos, bringing its valuation to $2.6bn.
Last week, Figure AI’s founder and CEO, Brett Adcock, revealed that the company had ended its collaboration agreement with ChatGPT creator OpenAI.
Adcock attributed the decision to an internal breakthrough in AI for robotics.
“Figure’s AI models are built entirely in-house, making external AI partnerships not just cumbersome but ultimately irrelevant to our success,” the executive said in a post on X.
Leading technology companies such as Nvidia, Meta Platforms and Tesla, along with several start-ups, are actively competing to develop humanoid robots, driven by rapid advancements in AI models that are transforming robotics and automation.
Businesses are investing in humanoid robots to address potential labour shortages and take on repetitive, hazardous or monotonous tasks in sectors like logistics, warehousing and manufacturing.
Figure AI has secured German automaker BMW as a customer.
Adcock recently announced on LinkedIn that the company aims to deliver 100,000 humanoid robots within the next four years.
In a separate move, Meta is creating a new division within its Reality Labs unit focused on developing AI-powered humanoid robots designed to assist with physical tasks.
Meta plans to create AI, sensors and software for robots, which will be produced and sold by various companies. The initial focus will be on machines designed to handle household chores.
In 2024, Tesla CEO Elon Musk stated that the company’s humanoid robots, named Optimus, could be ready for deployment by the end of the following year.
