Jeff Bezos and Nvidia team up with OpenAI to invest in humanoid robot startup

According to sources familiar with the matter, Jeff Bezos, Nvidia Corp., and other prominent technology companies are backing a company that is creating robots with human-like capabilities. This investment is part of a larger effort to explore innovative uses for artificial intelligence technology.

Startup Figure AI Inc., which is also backed by OpenAI and Microsoft Corp., is raising about $675 million in a funding round with a preliminary valuation of about $2 billion, said the people, who asked not to be identified because of the matter. is private. Through his company Explore Investments LLC, Bezos has committed to $100 million. Microsoft is investing $95 million, while Nvidia and a fund linked to Amazon.com Inc. are each providing $50 million.

Robots have emerged as a critical new frontier for the AI industry, allowing it to apply cutting-edge technology to real-life tasks. In the figure, engineers are working on a robot that looks and moves like a human. The company has said it hopes its machine, called Kuva 01, can do dangerous jobs unfit for humans and that its technology will help alleviate labor shortages.

There are also other technology companies involved. Intel Corp.’s venture capital arm is pouring in $25 million, and LG Innotek is offering $8.5 million. Samsung’s investment group, in turn, committed $5 million. Backers also include venture capital firms Parkway Venture Capital, which invests $100 million, and Align Ventures, which invests $90 million.

ARK Venture Fund is also participating by investing $2.5 million, while Aliya Capital Partners is investing $20 million. Other investors include Tamarack, valued at $27 million; Boscolo Intervest Ltd., which invested $15 million; and BOLD Capital Partners for $2.5 million.

OpenAI, which at one point considered buying Figure, will invest $5 million. In January, Bloomberg News reported on a funding round that started with Microsoft and OpenAI as the first lead investors. These big names helped attract cash flow from other parties. The $675 million raised is a significant increase over the $500 million Figure initially sought.

Representatives for Figure and its investors declined to comment or did not immediately respond to requests for comment.

People with knowledge of the matter expect investors to transfer funds to Figure AI and sign formal contracts on Monday, but the numbers could change as the final details are ironed out. The roughly $2 billion valuation is an upfront payment, meaning it doesn’t take into account the capital Figure is raising.

Last May, Figure raised $70 million in a funding round led by Parkway. At the time, CEO Brett Adcock said: “We hope to be one of the first groups to bring a humanoid to market that can actually be useful and do business.”

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, and Elon Musk calls it one of his most important projects.

Agility Robotics, which Amazon backed in 2022, is testing bots in one of the retailer’s warehouses. Bezos – the second-richest person in the world according to the Bloomberg Billionaires Ranking – was Amazon’s CEO until 2021 and will continue as chairman. His net worth is estimated at $197.1 billion.