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Microsoft and OpenAI-backed robotics startup secures funding from Bezos, Nvidia - report

Published 23/02/2024, 20:04
© Reuters.

Jeff Bezos, Nvidia Corp . (NASDAQ:NVDA), and several other leading technology companies are investing in Figure AI Inc., a startup focused on developing human-like robots, according to a report by Bloomberg News.

The company, which also enjoys backing from OpenAI and Microsoft Corp . (NASDAQ:MSFT), is in the process of raising approximately $675 million in a funding round, giving it a pre-money valuation of approximately $2 billion.

Bezos, through Explore Investments LLC, is contributing $100 million, with Microsoft adding $95 million. Nvidia and an Amazon.com Inc (NASDAQ:AMZN). affiliate fund are each investing $50 million.

This investment reflects the technology sector's growing interest in robots as a way to apply advanced AI in practical settings. Figure AI is reportedly working on Figure 01, a robot designed to mimic human appearance and movement, aiming to undertake hazardous tasks and address labor shortages.

The round also sees contributions from Intel Corp (NASDAQ:INTC).’s venture arm with $25 million, LG Innotek with $8.5 million, and Samsung’s investment group with $5 million. Additional support comes from venture firms Parkway Venture Capital and Align Ventures, contributing $100 million and $90 million, respectively.

OpenAI, which previously explored an acquisition of Figure, is participating with a $5 million investment.

The interest from such significant players has spurred further investment, pushing the total amount raised notably above the $500 million that Figure initially targeted.

The latest funding round comes after the robot maker secured $70 million last May, in a round led by Parkway Venture Capital.

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