Figure AI Secures Series B Funding: Why are Tech Giants Interested?
In recent times, there is perhaps no other startup that has garnered as much attention from tech giants as Figure AI. The recent Series B funding announcement by this robotics startup saw the participation of heavyweight investors, including Intel, Nvidia, Jeff Bezos (founder of Amazon), Microsoft, and OpenAI. So why are these industry leaders so drawn to Figure AI?
Figure AI recently announced that it has raised $675 million in Series B funding, valuing the company at $2.6 billion. In addition to the aforementioned tech giants, the investment also came from venture capital firms such as Ark Capital, Align Ventures, and Parkway Venture Capital.
Moreover, Figure AI has seized this fundraising opportunity to enter into a partnership agreement with OpenAI. The collaboration aims to combine OpenAI’s research breakthroughs with Figure AI’s expertise in the field of robotics to develop AI models for humanoid robots. The company claims that this partnership will enhance the robots’ language processing and reasoning abilities, thus accelerating their commercialization.
Microsoft, on the other hand, will provide Figure AI with various functionalities of its cloud computing platform Azure to expedite the deployment of humanoid robots and enable them to carry out real-world tasks.
Established less than a year ago, Figure AI aims to address the shortage of human labor by introducing humanoid robots. But what makes this robotics startup, which has caught the attention of tech giants, so special? Founded in 2022, Figure AI boasts a team of AI and robotics experts from companies like Boston Dynamics, Tesla, DeepMind, and Archer Aviation.
Founder Brett Adcock is a serial entrepreneur who, prior to launching Figure AI, founded the human resources company Vettery and the flying taxi company Archer Aviation. At first glance, these ventures may seem unrelated, but Adcock’s pursuit with Figure AI is to leverage machine technology to solve labor-related issues based on his past experiences.
Adcock wasted no time, as Figure AI unveiled its humanoid robot, Figure 01, in March 2023, less than a year after its inception. The robot’s appearance and movements are designed to mimic humans, and it is expected to be used in manufacturing, transportation, logistics, and warehousing industries to alleviate labor shortages.
“Current humanoid robots can only perform stunts or serve as mere displays,” Adcock said. “We want to break through this limitation and prove the usefulness of humanoid robots.”
The company announced a partnership with BMW in January of this year, planning to introduce humanoid robots into car factories to handle difficult, unsafe, and tedious tasks. This would allow employees to focus on skills and processes that cannot be automated, thereby enhancing production efficiency and workplace safety.
Just a few days before announcing the completion of Series B funding, Figure AI released a video showcasing Figure 01 once again. In the video, the robot picks up a blue plastic box and places it on a conveyor belt on the assembly line, claiming to be approximately 16.7% less efficient than humans. Another earlier video demonstrates how the robot operates a coffee machine to brew a hot cup of coffee, although it still requires human assistance to position the cup.
Figure AI aims to enable its robots to autonomously perform more routine tasks in the future, but this would require the assistance of AI technology, which is why the deep collaboration with OpenAI is crucial.
Exploring the integration of AI and robotics, OpenAI continues its investment efforts. In the midst of the AI wave that has swept the tech industry for over a year, generative AI has seen unprecedented development, but for any advanced AI model to transcend the screen, it needs a physical embodiment. For tech companies, this also represents an extension of their investment in AI technology.
“We have always planned to return to robotics technology,” said Peter Welinder, Vice President of Product and Partnerships at OpenAI. “Figure has shown us the possibilities of combining humanoid robots with powerful multimodal models.” It is worth noting that this is not OpenAI’s first investment in a robotics company, as they previously invested in Norwegian robotics startup 1X Technologies in March last year.
According to Bloomberg, the robotics field has been buzzing lately. In addition to Figure and 1X, Sanctuary AI, based in Vancouver, is also developing a humanoid robot called Phoenix, and Tesla’s Optimus, which Musk claims to be one of his most important projects, is expected to make its debut by 2025.
Sources:
CNBC, Fast Company, Bloomberg
Edited by: Gao Jingyuan