Michael Spencer’s Post

Figure rides the humanoid robot hype wave to $2.6B valuation and OpenAI/Microsoft partnerships Today Figure confirmed long-standing rumors that it’s raising much wealth than God. The Bay Area–based robotics steadfast has announced a $675 cardinal Series B connected a $2.6 cardinal valuation. The lineup of investors is arsenic impressive, including Microsoft, OpenAI Startup Fund, Nvidia, Amazon Industrial Innovation Fund, Jeff Bezos (through Bezos Expeditions), Parkway Venture Capital, Intel Capital, Align Ventures and ARK Invest. It’s an perfectly mind-boggling sum of wealth for what remains a tiny startup, with an 80-person headcount. That past spot volition astir surely alteration with this round. That’s not to accidental that Figure didn’t already person a batch to enactment with. Founder Brett Adcock notably bootstrapped the institution to the tune of $100 million. Last May, it added $70 cardinal successful the signifier of a Series A. I utilized to deliberation “Figure” was a notation to the robot’s humanoid plan and possibly an homage to a startup that’s figuring things out. Now it seems it’s a notation to the astronomical backing fig it’s raised frankincense far. Figure is precise overmuch a merchandise of its time. It’s a young company, having lone launched successful 2022. It did so, however, with the ambitious extremity of creating a walking bipedal robot successful a year’s time. The institution told TechCrunch that it deed that date. We didn’t spot walking video astatine the time, but it has since surfaced. Image Credits: Figure Humanoid robots are having a moment. They’ve been showcased by Tesla (though I’d temper your expectations somewhat connected that), Apptronik and 1X, among others. Amazon precocious began a tiny aviator with Agility’s Digit robot, which seems to person recovered its groove supplementing quality labour successful brownfield warehouses and fulfillment centers. Most — including Figure — are moving toward that aforesaid goal. Upfront costs are conscionable 1 crushed it makes a batch much consciousness to absorption connected the workplace earlier the home. It’s besides 1 of galore reasons it’s important to decently calibrate your expectations of what a strategy similar this tin — and can’t — do. Some companies (namely Tesla again) person possibly acceptable unrealistic expectations astir the existent authorities of the art. I’m speaking superior of generalized AI, which galore roboticists judge is, say, 5 years retired (though that could good beryllium optimistic). “General purpose” gets tossed astir a batch erstwhile discussing these robots. In essence, it refers to systems that tin rapidly prime up tasks the mode humans do. Traditional robotics strategy are azygous purpose, meaning they bash 1 happening truly good a fig of times. Multipurpose strategy are ...

Tencent-backed robot-maker UBTech Robotics share price has increased +39% in 3 days after being added to the Hong Long Stock Connect program, allowing China Mainland investors to buy Hong Kong stocks directly.  UBTech robotics market value is currently at $11.7 billion.  In 2023 December, UBTech Robotics IPO in Hong Kong with $4.8 billion market value. Founder & CEO James Zhou Jian became a billionaire with the IPO. Read - https://lnkd.in/g-g5Aw7t follow Caproasia | Driving the future of Asia Tencent-backed robot-maker UBTech Robotics share price has increased +39% in 3 days (12/3/24 to 15/3/24) after being added to the Hong Long Stock Connect program, allowing China Mainland investors to buy Hong Kong stocks directly.  UBTech robotics market value is currently at $11.7 billion (15/3/24).  In 2023 December, UBTech Robotics IPO (29/12/23) in Hong Kong with $4.8 billion market value (HKD 90, HKD 37.6 billion market value), with founder & CEO James Zhou Jian becoming a billionaire with the IPO.  UBTech Robotics was founded by CEO James Zhou Jian with 78% shareholding and RMB 10 million registered capital.  UBTech Robotics: “Many shareholder representatives of UBTECH Robotics also attended the listing ceremony, including Xia Zuoquan, Co-founder of BYD, Kuang Ziping, Founding Managing Partner of Qiming Venture Partners, and Ying Wei, Managing Partner of CDH Investments, among other prominent investors. After the IPO, Zhou Jian, CTO Xiong Youjun, angel investor Xia Zuoquan and others jointly held 51.17% of the shares as persons acting in concert. Xia Zuoquan is still the largest individual shareholder of UBTECH Robotics apart from the Founder. Tencent is the largest institutional shareholder with holding 6.15% of the shares, while Qiming Venture Partners holds 5.67% of the shares and remains the second largest institutional shareholder.”  James Zhou, founder, Chairman & CEO of Ubtech: “Since our inception, Ubtech has been committed to the vision of ‘introducing intelligent robots into every household’. Over the past decade, we’ve evolved into a trailblazer in humanoid robots and a leader in smart service robots. Following the listing, our dedication to innovation and technology will remain unwavering. We aim to continually enhance our full-stack humanoid robot technological capabilities, using innovation to address critical societal challenges and fulfill essential societal needs, thereby creating sustainable long-term societal value.”

Tencent-backed robot-maker UBTech Robotics share price has increased +39% in 3 days after being added to the Hong Long Stock Connect program, allowing China Mainland investors to buy Hong Kong stocks directly.  UBTech robotics market value is currently at $11.7 billion.  In 2023 December, UBTech Robotics IPO in Hong Kong with $4.8 billion market value. Founder & CEO James Zhou Jian became a billionaire with the IPO. Read - https://lnkd.in/gk73JyAH follow Caproasia | Driving the future of Asia Tencent-backed robot-maker UBTech Robotics share price has increased +39% in 3 days (12/3/24 to 15/3/24) after being added to the Hong Long Stock Connect program, allowing China Mainland investors to buy Hong Kong stocks directly.  UBTech robotics market value is currently at $11.7 billion (15/3/24).  In 2023 December, UBTech Robotics IPO (29/12/23) in Hong Kong with $4.8 billion market value (HKD 90, HKD 37.6 billion market value), with founder & CEO James Zhou Jian becoming a billionaire with the IPO.  UBTech Robotics was founded by CEO James Zhou Jian with 78% shareholding and RMB 10 million registered capital.  UBTech Robotics: “Many shareholder representatives of UBTECH Robotics also attended the listing ceremony, including Xia Zuoquan, Co-founder of BYD, Kuang Ziping, Founding Managing Partner of Qiming Venture Partners, and Ying Wei, Managing Partner of CDH Investments, among other prominent investors. After the IPO, Zhou Jian, CTO Xiong Youjun, angel investor Xia Zuoquan and others jointly held 51.17% of the shares as persons acting in concert. Xia Zuoquan is still the largest individual shareholder of UBTECH Robotics apart from the Founder. Tencent is the largest institutional shareholder with holding 6.15% of the shares, while Qiming Venture Partners holds 5.67% of the shares and remains the second largest institutional shareholder.”  James Zhou, founder, Chairman & CEO of Ubtech: “Since our inception, Ubtech has been committed to the vision of ‘introducing intelligent robots into every household’. Over the past decade, we’ve evolved into a trailblazer in humanoid robots and a leader in smart service robots. Following the listing, our dedication to innovation and technology will remain unwavering. We aim to continually enhance our full-stack humanoid robot technological capabilities, using innovation to address critical societal challenges and fulfill essential societal needs, thereby creating sustainable long-term societal value.”

Bezos, Nvidia Join OpenAI in Funding Humanoid Robot Startup: OpenAI, Microsoft, Nvidia, and Jeff Bezos are all part of a pack of investors in a business "developing human-like robots," reports Bloomberg, "according to people with knowledge of the situation..." At the startup — which is named "Figure" — engineers "are working on a robot that looks and moves like a human. The company has said it hopes its machine, called Figure 01, will be able to perform dangerous jobs that are unsuitable for people and that its technology will help alleviate labor shortages." Figure is raising about $675 million in a funding round that carries a pre-money valuation of roughly $2 billion, said the people, who asked not to be identified because the matter is private. Through his firm Explore Investments LLC, Bezos has committed $100 million. Microsoft is investing $95 million, while Nvidia and an Amazon.com Inc.-affiliated fund are each providing $50 million... Other technology companies are involved as well. Intel Corp.'s venture capital arm is pouring in $25 million, and LG Innotek is providing $8.5 million. Samsung's investment group, meanwhile, committed $5 million. Backers also include venture firms Parkway Venture Capital, which is investing $100 million, and Align Ventures, which is providing $90 million... The AI robotics industry has been busy lately. Earlier this year, OpenAI-backed Norwegian robotics startup 1X Technologies AS raised $100 million. Vancouver-based Sanctuary AI is developing a humanoid robot called Phoenix. And Tesla Inc. is working on a robot called Optimus, with Elon Musk calling it one of his most important projects. Agility Robotics, which Amazon backed in 2022, has bots in testing at one of the retailer's warehouses. Bloomberg calls the investments in Figure "part of a scramble to find new applications for artificial intelligence." Read more of this story at Slashdot.

Bezos, Nvidia Join OpenAI in Funding Humanoid Robot Startup: OpenAI, Microsoft, Nvidia, and Jeff Bezos are all part of a pack of investors in a business "developing human-like robots," reports Bloomberg, "according to people with knowledge of the situation..." At the startup — which is named "Figure" — engineers "are working on a robot that looks and moves like a human. The company has said it hopes its machine, called Figure 01, will be able to perform dangerous jobs that are unsuitable for people and that its technology will help alleviate labor shortages." Figure is raising about $675 million in a funding round that carries a pre-money valuation of roughly $2 billion, said the people, who asked not to be identified because the matter is private. Through his firm Explore Investments LLC, Bezos has committed $100 million. Microsoft is investing $95 million, while Nvidia and an Amazon.com Inc.-affiliated fund are each providing $50 million... Other technology companies are involved as well. Intel Corp.'s venture capital arm is pouring in $25 million, and LG Innotek is providing $8.5 million. Samsung's investment group, meanwhile, committed $5 million. Backers also include venture firms Parkway Venture Capital, which is investing $100 million, and Align Ventures, which is providing $90 million... The AI robotics industry has been busy lately. Earlier this year, OpenAI-backed Norwegian robotics startup 1X Technologies AS raised $100 million. Vancouver-based Sanctuary AI is developing a humanoid robot called Phoenix. And Tesla Inc. is working on a robot called Optimus, with Elon Musk calling it one of his most important projects. Agility Robotics, which Amazon backed in 2022, has bots in testing at one of the retailer's warehouses. Bloomberg calls the investments in Figure "part of a scramble to find new applications for artificial intelligence." Read more of this story at Slashdot.

Bezos, Nvidia Join OpenAI in Funding Humanoid Robot Startup: OpenAI, Microsoft, Nvidia, and Jeff Bezos are all part of a pack of investors in a business "developing human-like robots," reports Bloomberg, "according to people with knowledge of the situation..." At the startup — which is named "Figure" — engineers "are working on a robot that looks and moves like a human. The company has said it hopes its machine, called Figure 01, will be able to perform dangerous jobs that are unsuitable for people and that its technology will help alleviate labor shortages." Figure is raising about $675 million in a funding round that carries a pre-money valuation of roughly $2 billion, said the people, who asked not to be identified because the matter is private. Through his firm Explore Investments LLC, Bezos has committed $100 million. Microsoft is investing $95 million, while Nvidia and an Amazon.com Inc.-affiliated fund are each providing $50 million... Other technology companies are involved as well. Intel Corp.'s venture capital arm is pouring in $25 million, and LG Innotek is providing $8.5 million. Samsung's investment group, meanwhile, committed $5 million. Backers also include venture firms Parkway Venture Capital, which is investing $100 million, and Align Ventures, which is providing $90 million... The AI robotics industry has been busy lately. Earlier this year, OpenAI-backed Norwegian robotics startup 1X Technologies AS raised $100 million. Vancouver-based Sanctuary AI is developing a humanoid robot called Phoenix. And Tesla Inc. is working on a robot called Optimus, with Elon Musk calling it one of his most important projects. Agility Robotics, which Amazon backed in 2022, has bots in testing at one of the retailer's warehouses. Bloomberg calls the investments in Figure "part of a scramble to find new applications for artificial intelligence." Read more of this story at Slashdot.

Bezos and Nvidia have teamed up with OpenAI to support a startup specializing in humanoid robotics. Startup Figure AI Inc. is currently in the process of raising approximately $675 million in funding, with a pre-money valuation estimated at around $2 billion. This funding round involves notable backers such as OpenAI, Microsoft Corp., Nvidia, Amazon.com Inc., Intel Corp.'s venture capital arm, LG Innotek, Samsung's investment group, and various other investors including venture firms and capital partners. The startup is focused on developing humanoid robots, such as Figure 01, which are designed to undertake hazardous tasks that may not be suitable for humans, thus addressing labor shortages. This initiative represents a significant advancement in applying cutting-edge technology to practical real-world scenarios. The influx of funding from a range of prominent investors, including major technology companies and venture capital firms, reflects the growing importance of robotics in the AI industry. Additionally, recent developments in the AI robotics sector, including investments in other startups like 1X Technologies AS and the emergence of projects such as Tesla's Optimus robot, underscore the industry's dynamism and potential for innovation. The investment round, which surpasses the initial target of $500 million, is expected to be finalized soon, with funds likely to be transferred to Figure AI and formal agreements to be signed by Monday. The $2 billion valuation does not include the capital being raised in this round. Figure previously secured $70 million in funding last May, expressing aspirations to pioneer the commercial use of humanoid robots. This fundraising effort aligns with a broader trend in the AI robotics industry, which has seen increased activity and interest from both investors and companies alike. Noteworthy projects in the field, such as those by OpenAI-backed 1X Technologies AS and Sanctuary AI's Phoenix robot, along with Tesla's Optimus, highlight the diverse range of endeavors within the sector. Furthermore, established players like Agility Robotics, supported by Amazon, are already making strides with robot testing in practical settings. #goals#inspirational#inspire#quoteoftheday#positivevibes#life#believe#entrepreneur#happiness#selflove#lifestyle#quote#successquotes#yourself#bhfyp#loveyourself#instadaily#photooftheday#instagood #thoughts #startup#startupindia #startupnews #startupindianews #startiyapa # https://lnkd.in/du2g5p2a

Figure, a humanoid robotics startup, revealed that it has raised $675 million in a funding round led by an all-star cast of Big Tech investors. The business, which plans to commercialize a humanoid robot, has a $2.6 billion valuation. Microsoft, the OpenAI Startup Fund, Nvidia, Jeff Bezos' Bezos Expeditions, Parkway Venture Capital, Intel Capital, Align Ventures, and ARK Invest are among the investors in the most recent round of funding. With all of these high-profile investors, Figure is now Big Tech's preferred humanoid robotics firm. The industrial industry is also taking notice. In January, Figure announced a business arrangement with BMW to have robots operate on its production line. "In conjunction with this investment," the press release reads, "Figure and OpenAI have entered into a collaboration agreement to develop next generation AI models for humanoid robots, combining OpenAI's research with Figure's deep understanding of robotics hardware and software. The collaboration aims to help accelerate Figure's commercial timeline by enhancing the capabilities of humanoid robots to process and reason from language." #openai #figure #robotics #ai

Significant investments are going into AI humanoid robot startup Figure AI, according to the Toms Hardware article linked below. Highlights: 1) Previously valued at $2 billion, Figure AI is securing an additional $675 million in funding. 2) Big tech players are major sources for investment in this venture: Microsoft is contributing $95 million; Nvidia $50 million; and “an Amazon-affiliated fund” is also investing $50 million. Jeff Bezos has reportedly committed to $100 million via Explore Investments, LLC. Others investing multiple millions into the company include Intel Corp.'s venture capital arm; LG Innotek, Samsung's investment group, and Open AI. 3) “The funding round has also attracted significant venture capital interest. Parkway Venture Capital is investing $100 million, while Align Ventures is providing $90 million. Additional backers include the ARK Venture Fund, Aliya Capital Partners, Tamarack, Boscolo Intervest Ltd., and BOLD Capital Partners, contributing varying amounts.” 4) Figure AI aims to offer its 5’6” AI-powered Figure 01 robot, an autonomous machine that can learn and perform warehouse jobs to operations worldwide. 5) “The AI robotics sector is experiencing a surge in activity, with other companies like 1X Technologies, Sanctuary AI, and Tesla also working on humanoid robots.” 6) “Figure AI's successful funding round highlights the growing interest and investment in developing robots that can perform complex tasks and address workforce challenges.” Dave’s take: It appears that warehouse applications are the next big frontier in AI-powered robotics, if you go by my “follow the money” metric. Ostensibly the robots would take on jobs that are dangerous to humans, but they might also be called upon to alleviate labor shortages in essential sectors such as transportation. Interestingly, the Figure AI website suggests it’s robots may have retail applications as well. One wonders how labor unions in particular might react to that kind of robotic usage. Should humanoid robots be produced at scale, they might be able to fulfill the promise of producing “an abundance of affordable, more widely available goods and services to a degree which humanity has never seen.” Wonderful-but think about all the potential effects of that for a minute. Could this have a massive deflationary impact on the global economy? What kind of environmental impact would an explosion of new goods entail? Could it alleviate world poverty? What effect would all this have on already shrinking demographics? And so on. As I have said before, expect to see robots increasingly in your daily life soon. And prepare for your life to change significantly. How? TBD… https://lnkd.in/gUPjfu5P

Report: Figure AI to Raise $675 Million for Human-Like Robots "...Figure AI, a startup developing human-like robots, is reportedly in the process of raising $675 million in funding, with a pre-money valuation of roughly $2 billion. Among the investors are Jeff Bezos’ Explore Investments, Microsoft, NVIDIA and an Amazon-affiliated fund, Bloomberg reported Friday (Feb. 23), citing unnamed sources. Other backers include Intel’s venture capital arm, LG Innotek, Samsung’s investment group, Parkway Venture Capital, Align Ventures, Ark Ventures Fund, Aliya Capital Partners, Tamarack Global, Boscolo Intervest and BOLD Capital Partners, according to the report. Another investor is OpenAI, which once considered acquiring Figure AI, the report said..." #robotics #humanoidrobots #humanlike PYMNTS Brett Adcock