Categories: Technology

Tech Startup Figure Raises $675 Million in Funding, Partners with OpenAI

  • Tech startup Figure secures $675 million funding, valued at $2.6 billion, with impressive investors like Microsoft and Amazon.
  • Figure partners with OpenAI to develop advanced AI models for humanoid robots, aiming to enhance natural communication methods.
  • Recent demonstrations show Figure's robot operating at 16.7% of human speed, indicating significant progress in robotics technology.
Published by
Lethabo Ntsoane

In a groundbreaking development, tech startup Figure has confirmed securing a staggering $675 million in its Series B funding round. The Bay Area-based robotics firm has attracted a star-studded lineup of investors, 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. This investment values the startup at an impressive $2.6 billion post-money, marking a significant milestone in its journey.


Impressive Investor Lineup

InvestorContribution
MicrosoftUndisclosed
OpenAI Startup FundUndisclosed
NvidiaUndisclosed
Amazon Industrial Innovation FundUndisclosed
Jeff Bezos (through Bezos Expeditions)Undisclosed
Parkway Venture CapitalUndisclosed
Intel CapitalUndisclosed
Align VenturesUndisclosed
ARK InvestUndisclosed

Accelerating Growth

Figure, led by serial entrepreneur Brett Adcock, has been making waves in the robotics industry. With an initial bootstrap investment of $100 million from Adcock himself and a subsequent $70 million Series A round, the company has been steadily advancing towards its ambitious goals. Since its launch in 2022, Figure has been focused on developing humanoid robots for various industrial applications.


Partnership with OpenAI

In a strategic move, Figure has announced a partnership with OpenAI to develop next-generation AI models for humanoid robots. This collaboration aims to enhance the robots’ capabilities to process and reason from language, enabling more natural communication between robots and humans. The near-term application of this partnership will focus on creating more intuitive communication methods for humanoid robots, facilitating their integration into workplaces seamlessly.


Progress and Potential

Despite the challenges in achieving autonomy in various real-world scenarios, Figure has made significant strides in demonstrating its robot’s capabilities. Recent videos showcase the robot operating at approximately 16.7% of human speed, performing tasks with precision and efficiency. Microsoft’s involvement in providing infrastructure support through Azure further underscores the company’s commitment to advancing AI breakthroughs.


Future Outlook

With the influx of funding, Figure aims to accelerate its go-to-market strategy, with plans already in place for robotics deployment with major partners like BMW. As the demand for robotics solutions in industries such as manufacturing and logistics continues to rise, Figure’s advancements position it as a key player in shaping the future of robotics technology.


Conclusion

The latest funding round and partnership with OpenAI mark significant milestones for Figure, propelling the company towards its vision of revolutionizing the robotics industry. With substantial financial backing and strategic collaborations in place, Figure is poised to lead the way in developing advanced humanoid robots with real-world applications. As the company continues to innovate and expand its reach, the future of robotics looks brighter than ever before.

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Lethabo Ntsoane

Lethabo Ntsoane holds a Bachelors Degree in Accounting from the University of South Africa. He is a Financial Product commentator at Rateweb. He is an expect financial product analyst with years of experience in reviewing products and offering commentary. Lethabo majors in financial news, reviews and financial tips. He can be contacted: Email: lethabo@rateweb.co.za Twitter: @NtsoaneLethabo