Technology
Thursday, February 29th, 2024 6:50 pm EDT
Key Points
- Figure AI secured a significant investment of $675 million at a valuation of $2.6 billion from prominent figures in artificial intelligence, including Jeff Bezos, Nvidia, and Microsoft, highlighting confidence in its mission to develop humanoid robots for hazardous and undesirable tasks.
- Founded in 2022, Figure AI has introduced Figure 01, a general-purpose humanoid robot designed to emulate human movements, with applications envisioned in manufacturing, shipping, logistics, warehousing, and retail sectors facing severe labor shortages, excluding military applications.
- Despite competition in the field, including companies like Agility Robotics, Tesla, and Boston Dynamics, Figure AI aims to advance its technology to enable Figure 01 to autonomously perform everyday tasks. Partnerships with OpenAI and Microsoft signify efforts to enhance AI systems and leverage Azure cloud services for infrastructure, training, and storage, while cost reductions in expensive components such as actuators and sensors are expected to make humanoid robots more accessible for various applications.
Figure AI, a startup focused on developing humanoid robots for hazardous and undesirable tasks, has garnered significant support from key players in the artificial intelligence sector. Recently, the company announced a successful funding round, raising $675 million at a valuation of $2.6 billion, with notable investors including Jeff Bezos, Nvidia, and Microsoft. Founded in 2022, Figure AI has introduced its first general-purpose robot, Figure 01, designed to mimic human movements and appearance. The company envisions its robots being deployed in industries facing severe labor shortages, such as manufacturing, shipping, logistics, warehousing, and retail, though it explicitly states its machines are not intended for military purposes. A recent demonstration video showcased Figure 01 walking on two legs, manipulating objects with its five-fingered hands, and placing items on a conveyor belt, illustrating its potential applications. Figure AI’s long-term goal is to enable its robots to autonomously perform everyday tasks, necessitating the development of more advanced AI systems. However, Figure AI operates in a competitive landscape, with companies like Agility Robotics, Tesla, and Boston Dynamics also pursuing humanoid robot development. Despite the nascent stage of the market, analysts predict significant growth, estimating the humanoid robot market to reach $38 billion by 2035. To advance its technology, Figure AI has announced partnerships with OpenAI to enhance AI models for humanoid robots and with Microsoft to leverage Azure cloud services for AI infrastructure and training. Although humanoid robots require expensive components, such as actuators and sensors, cost reductions are expected in the coming years, making them more accessible for various applications. The investment round also saw participation from Intel’s venture fund, Ark Invest, Align Ventures, and Parkway Venture Capital, underscoring the industry’s confidence in Figure AI’s vision and potential.
For the full original article on CNBC, please click here: https://www.cnbc.com/2024/02/29/robot-startup-figure-valued-at-2point6-billion-by-bezos-amazon-nvidia.html
