Business

Startup Figure Secures $70 Million in Funding to Propel Development of General-Purpose Humanoid Robots

Published by
Matthew Martins
  • Startup Figure raises $70 million in funding led by Parkway Venture Capital to develop general-purpose humanoid robots.
  • The funding will accelerate the development and manufacturing of Figure’s first autonomous humanoid robot, expected to launch in the next few months.
  • Figure aims to differentiate itself by creating robots capable of handling diverse tasks and plans to enable its robots to learn and interact with the environment.

Sunnyvale-based startup Figure has raised an impressive $70 million in its first external funding round, led by Parkway Venture Capital, signaling a strong vote of confidence in the company’s mission to build general-purpose humanoid robots. The newfound capital will be channeled into accelerating the development and manufacturing of Figure’s inaugural autonomous humanoid robot, slated for release in the coming months. Although the exact valuation of the one-year-old company remains undisclosed, insiders estimate its worth to be upwards of $400 million.

Founder and Chief Executive Officer Brett Adcock, demonstrating his unwavering commitment to the venture, personally invested $20 million in this latest funding round. Figure also attracted investments from prominent backers such as Aliya Capital and Bold Ventures, solidifying its position as a frontrunner in the race to develop cutting-edge humanoid robots.

Positioned in Sunnyvale, California, Figure is dedicated to pioneering general-purpose humanoid robots that can operate effectively in various environments and seamlessly handle diverse tasks, spanning from warehouses to retail settings. The company has already initiated talks with retailers, eagerly exploring opportunities for commercialization.

What sets Figure apart from other robotics companies, such as Boston Dynamics and Amazon Robotics, is its emphasis on creating robots capable of handling a wide array of tasks rather than being restricted to specific applications. Adcock envisions a future where Figure’s robots possess the ability to learn from and interact with their surroundings, a testament to the company’s commitment to pushing the boundaries of humanoid robotics.

“We firmly believe that general-purpose humanoid robots hold far more potential than single-purpose robots,” Adcock commented. “Deploying them in the workforce can play a crucial role in addressing labor shortages and, over time, lead the way in eliminating the need for unsafe and undesirable jobs.”

The quest to develop commercially viable humanoid robots has become a highly competitive field, attracting attention from both established tech giants and ambitious startups. Tesla, renowned for its groundbreaking electric vehicles, made headlines last year with the introduction of its own humanoid robot prototype, dubbed ‘Optimus.’ Tesla CEO Elon Musk boldly predicted that the company would start accepting orders for the robot within the next three to five years, with an expected price point below $20,000.

With the successful $70 million funding round, Figure aims to position itself at the forefront of the burgeoning humanoid robot industry. By leveraging the latest technological advancements and a steadfast commitment to creating versatile robots capable of tackling a wide range of tasks, Figure aspires to revolutionize industries such as warehousing and retail. The company envisions a future where humanoid robots seamlessly integrate into the workforce, optimizing efficiency and productivity while simultaneously eliminating the need for humans to undertake hazardous or undesirable jobs.

Matthew Martins

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Published by
Matthew Martins

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