TL;DR:
- Figure AI Inc. seeks $500 million in funding, with Microsoft and OpenAI as lead investors.
- The startup explores additional investor participation.
- Microsoft and OpenAI may contribute $95 million and $5 million, respectively.
- A potential pre-money valuation of $1.9 billion could elevate Figure AI’s status as a unicorn.
- The funding round remains in flux, with final investment figures and terms yet to be determined.
- Figure AI endeavors to deploy its AI-powered humanoid robot, Figure 01, for dangerous and labor-intensive tasks.
- Recent developments in the AI robotics sector include notable investments in similar ventures.
Main AI News:
Figure AI Inc., a pioneering startup specializing in lifelike robotic technology, is currently engaged in discussions to secure a substantial funding injection, with Microsoft Corp. and OpenAI leading the way, as reported by an anonymous source well-versed in the matter.
In an effort to bolster this endeavor, Figure AI is actively exploring opportunities to involve additional investors, a strategy being discreetly maneuvered behind closed doors. Initial deliberations hint at a significant investment of approximately $95 million from Microsoft, accompanied by OpenAI’s contribution of $5 million.
This potential agreement has the potential to propel Figure AI to a pre-money valuation of $1.9 billion, a key benchmark that excludes the forthcoming capital infusion. The post-money valuation, contingent upon the final funding amount, could ascend to remarkable heights, potentially catapulting Figure AI into the coveted realm of unicorns, a distinction it could claim twice over.
It is essential to underscore that while these funding discussions are ongoing, the exact investment figures remain fluid and the entire deal could potentially undergo alterations or even dissolution. As of now, Microsoft, OpenAI, and Figure have opted to maintain a discreet silence on this matter.
At the heart of Figure AI’s mission lies the development of an AI-driven robot, christened Figure 01, which bears a striking resemblance to a human both in appearance and movement. The company envisions a future where Figure 01 can take on hazardous tasks unfit for human workers, effectively addressing labor shortages and bolstering industrial capabilities.
Figure AI had previously secured a notable financial boost last May, amassing $70 million in a funding round led by Parkway Venture Capital. At that time, CEO Brett Adcock emphasized their pioneering goal, stating, “We aspire to be among the first to introduce a humanoid robot capable of practical and commercially viable applications.“
The AI robotics sector has been abuzz with activity recently, exemplified by OpenAI-backed Norwegian AI robotics startup 1X Technologies AS securing $100 million in funding. Meanwhile, Sanctuary AI, headquartered in Vancouver, is diligently working on its own humanoid robot, christened Phoenix. Elon Musk’s Tesla Inc. has also thrown its hat into the ring, announcing the development of a robot named Optimus, signaling the ever-increasing prominence of AI-powered robotics.
Conclusion:
These funding negotiations signify a significant milestone for Figure AI, positioning it to secure substantial resources for the development of its humanoid robot technology. If successful, the startup could see a substantial increase in valuation, further solidifying its presence in the emerging AI robotics market. The broader AI robotics industry continues to attract substantial investments and attention, indicating a growing demand for advanced robotic solutions across various sectors.
