TLDR:
- Key Points:
- Jeff Bezos, Nvidia, and other tech giants are investing in Figure AI Inc., a startup developing humanoid robots.
- The funding round is for about $675 million with a pre-money valuation of $2 billion.
Article Summary:
Jeff Bezos, Nvidia, and other major technology companies are participating in the funding of a startup called Figure AI Inc. The company is working on developing human-like robots that can perform tasks unsuitable for humans. The funding round for Figure is about $675 million, valuing the company at around $2 billion.
Aside from Bezos and Nvidia, other significant investments come from Intel Corp., LG Innotek, and Samsung’s investment group. Venture firms like Parkway Venture Capital and Align Ventures are also contributing to the funding round. The startup has received backing from OpenAI and Microsoft Corp. as well.
Figure’s goal is to create a robot called Figure 01, capable of undertaking hazardous jobs and helping to address labor shortages. The company aims to bring to market a humanoid robot that can be useful for commercial activities. The AI robotics industry has seen an increase in activity, with companies like 1X Technologies AS and Sanctuary AI also working on similar projects.
Overall, the investment of $675 million marks a significant increase from the initial target of $500 million for Figure. While the final details of the funding are still being worked out, the investors are expected to wire the funds to the company soon. Bezos, who remains the chairman of Amazon, has committed $100 million through his firm Explore Investments LLC for this venture in AI robotics.
