On Wednesday, the startup Figure announced that it has raised $70 million in its first external round of funding from investors led by Parkway Venture Capital to develop general-purpose humanoid robots.
The fresh capital will hasten the production of the firm’s first autonomous humanoid, which is scheduled for release within the next several months. Although the company’s valuation was kept secret, a close associate estimated that it was worth more than $400 million.
Figure CEO and co-founder Brett Adcock put in $20 million of his own money. Aliya Capital and Bold Ventures are two other notable investors.
Figure, headquartered in Sunnyvale, California, creates humanoid robots with general-purpose capabilities that can function in a wide range of settings and do a wide range of duties, from warehouses to retail. The company has announced that it is in discussions with retailers about potential commercialization options.
Adcock, the founder of Archer Aviation (ACHR.N), claims that Figure stands out from other robotics firms like Boston Dynamics and Amazon Robotics by creating robots that can perform a wide variety of activities, with the ultimate goal of allowing its robots to learn and interact with their surroundings.
Adcock: General-Purpose Humanoid Robots Are the Future of Work
Adcock stated, “We believe general-purpose humanoid robots have far more potential than single-purpose robots,” adding, “The deployment into the workforce can help address labor shortages and over time lead the way in eliminating the need for unsafe and undesirable jobs.”
Tech giants and up-and-coming firms like Figure are in a race to create the first humanoid robot that can be successfully sold to consumers.
For instance, Tesla (TSLA) unveiled a prototype of its humanoid robot ‘Optimus’ last year. Elon Musk, CEO of Tesla, said the company might start taking orders for the robot in three to five years and sell them for less than $20,000.
Figure is a robotics company that is developing general-purpose humanoid robots. The company was founded in 2022 by Brett Adcock, who is also the CEO.
Figure raised $70 million in its Series A funding round. The round was led by Parkway Venture Capital, with participation from Aliya Capital, Bold Ventures, Tamarack Global, FJ Labs, and Till Reuter, the CEO of industrial arm maker, Kuka Robotics.
Figure will use the money to accelerate the development and manufacturing of its first autonomous humanoid robot. The company is also planning to use the money to expand its team and build out its research and development capabilities.