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Friday, June 21, 2024

AI startup Figure gets $70M to develop humanoid robots for general purpose

Figure, a startup that intends to construct general-purpose humanoid robots, announced on Wednesday that it has received $70 million in funding from a group of investors led by ParkwayVenture Capital as part of its first external round.

The newly raised funding will be put to work hastening the development and production of the company’s first autonomous humanoid, which is scheduled for release within the next few months. The valuation of the one-year-old company was not made public; nonetheless, a person with intimate ties to the company estimated that it was worth more than 400 million dollars.

Figure’s creator and current Chief Executive Officer, Brett Adcock, personally contributed $20 million to the funding round. Aliya Capital and Bold Ventures are two other investors in the company.

Figure is a robotics company with headquarters in Sunnyvale, California. The company produces general-purpose humanoid robots that are capable of working in a number of settings and performing a wide range of jobs, including retail and warehousing operations. According to the firm, it is currently discussing potential commercialization prospects with other shops.

According to Adcock, who was formerly the founder of Archer Aviation, Figure separates itself from other robotics firms such as BostonDynamics and Amazon Robotics by building robots that are capable of handling ordinary jobs. Figure’s ultimate objective is to enable its robots to learn and interact with the environment around them.

According to Adcock, “We believe that general-purpose humanoid robots have a significantly greater potential than single-purpose robots.” The introduction of workers into the labor market has the potential to alleviate labor shortages and, in the long run, pave the way for the elimination of the requirement for tasks that are hazardous and unattractive.

Newsdesk

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