Figure, an AI robotics company, has secured $70 million in a Series A funding round to accelerate the development and commercialization of their first autonomous humanoid robot, Figure 01. This significant investment will support the advancement of Figure 01, establish Figure's AI data pipeline for autonomous operations, and drive forward with commercialization efforts.
Key Highlights of the Funding
- Lead Investor: The funding round is led by Parkway Venture Capital, with additional investments from Brett Adcock, Aliya Capital, Bold Capital Partners, Tamarack Global, FJ labs, and KUKA Robotics CEO Till Reuter.
- Purpose: The new funding will be used to accelerate the development and manufacturing of Figure 01, which is expected to launch in the coming months.
- Company Valuation: While the valuation of the one-year-old company was not disclosed, a source close to the firm put the value at over $400 million.
Figure's Vision and Goals
Figure aims to revolutionize the labor economy by deploying humanoid robots in the workforce. The company's primary objective is to address labor shortages and support the global supply chain by creating robots that can handle a variety of tasks, from warehouses to retail. Brett Adcock, the founder and CEO of Figure, emphasizes that general-purpose humanoid robots have far more potential than single-purpose robots. He believes that these robots can help eliminate the need for unsafe and undesirable jobs, leading to a more efficient and productive workforce.
Figure's Team and Expertise
Figure's team comprises 50 employees with over 100 years of combined experience in AI, humanoid robotics, and related fields. The company has made significant hires across AI, Controls, Manipulation, Perception, and Commercial Operations. Notably, Bob Klunk, a former SVP of Operations at Geodis, has joined as Head of Warehouse Solutions to help bring Figure 01 into its first real-world application.
Technical Capabilities and Future Plans
Figure 01 is designed to perform a wide range of tasks across various industries. The robot combines the dexterity of the human form with AI capabilities, enabling it to handle tasks that would be difficult or dangerous for humans. The company aims to deploy its robots in structured, repetitive, and often hazardous tasks in warehouses, which are excellent initial applications. In the long term, Figure's humanoids will play pivotal roles in additional areas such as assisting in homes, caring for the elderly, and potentially contributing to the construction of new worlds on other planets.
Milestones and Achievements
In the last twelve months, Figure has reached several significant milestones:
- Industry Expertise: The company has brought on industry-leading robotics experts such as Dr. Jerry Pratt, who has been involved in humanoid robotics development for over 20 years.
- Organizational Scaling: Figure has scaled an organization of 50 employees with over 100 years of combined experience in AI and humanoid robotics.
- Prototype Development: The company successfully completed the build, integration, and testing of the alpha prototype of Figure 01.
- Commercialization Efforts: Figure has defined commercialization efforts for its first applications in industries where labor shortages are the most severe, such as manufacturing, shipping and logistics, warehousing, and retail.
Strategic Partnerships and Future Outlook
The strategic partnership with Parkway Venture Capital and other investors will support the testing of early warehouse solutions and enable Figure to move quickly and iterate ahead of commercial operations. Brett Adcock expressed his enthusiasm for growing this strategic partnership to ensure the success of Figure. The company's focus on investing in AI technology pioneers and its rapid progress in the last year have impressed investors, leading to this substantial funding round.
Conclusion
Figure's $70 million Series A funding round is a significant milestone in the development of autonomous humanoid robots. The company's vision to revolutionize the labor economy by deploying humanoid robots in the workforce is gaining traction, with major investments and strategic partnerships. Figure's technical capabilities, combined with its experienced team and strategic goals, position the company for future success in the rapidly evolving field of humanoid robotics.
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