Mysterious robotics startup is creating a sensation in Silicon Valley.

According to the WSJ , a startup called Figure AI is seeking to raise new capital with a valuation of nearly $40 billion , promising to build robots of the future. The company's pitch is very ambitious: to introduce more than 200,000 robots into assembly lines and homes by 2029.

However, WSJ reporters suggest there is still a long way to go. According to documents shared with investors, Figure AI currently has no revenue and only a few dozen robots are in production.

Nevertheless, documents also show that Figure AI has signed a contract with BMW as its first commercial customer and is expected to generate $9 billion in revenue by 2029.

Bet on the founder.

On March 24th, Figure founder Brett Adcock wrote that his startup was "the most sought-after private stock on the secondary market," sharing a list that ranked Figure above both SpaceX and OpenAI.

A robot from Figure AI is working at a BMW factory. Photo: Figure AI .

This seasoned entrepreneur also frequently posts on social media about his interest in Figure stock and praises the partnership with BMW as evidence of the rapid progress of this three-year-old startup.

The WSJ suggests that betting on Figure AI is also a gamble on its founder. Since graduating with a business degree from the University of Florida in 2008, Adcock has founded a series of companies.

He sold Vettery, an online recruitment platform he co-founded in 2018. Adcock then moved to California and co-founded Archer Aviation, a manufacturer of electric flying taxis.

Archer subsequently went public in 2021 through a SPAC agreement. The company is also developing future technology and has yet to generate significant revenue. Adcock left the company in April 2022.

This was also the year Adcock founded Figure AI. In the early days, the CEO took online AI courses, and according to former employees, he always had books on robotics scattered around his desk.

Adcock subsequently hired robotics experts, raised $70 million in venture capital, and launched his first humanoid robot in 2023.

In February 2024, OpenAI gradually expanded into the field of robotics through strategic investments and officially participated in Figure AI's funding round. According to the WSJ , the startup raised $675 million in funding at a valuation of $2.6 billion .

More importantly, Figure AI says it has received investment from Microsoft, OpenAI, Nvidia, billionaire Jeff Bezos' private equity firm, and others.

The question mark behind the promises

According to the WSJ , much of the content Figure currently uses to solicit investors, as well as Adcock's social media posts, stems from the work the company's robots are doing at BMW's car factory in South Carolina.

The task of brewing coffee is performed precisely by the robot. Photo: Figure AI.

Figure announced the partnership in early 2024 and shipped the robot to the factory in 2023. However, by the time the robot arrived at the BMW factory, the production line had already been shut down for routine maintenance, according to former Figure employees.

According to the same source, the robots are tasked with picking up and moving metal sheets, but in reality, they don't work alongside humans or at the necessary speed for extended periods.

Furthermore, despite Adcock constantly boasting about its collaboration with BMW on social media, the automaker has so far only confirmed that they are technically evaluating a few of Figure's robots and have not yet begun mass production.

Despite significant questions about its true capabilities, Figure AI is seeking to raise an additional $1.5 billion , valuing itself at $39.5 billion . For comparison, this amount is higher than that of established automakers like Ford or other prominent startups.

More importantly, the WSJ reported that some potential investors were surprised that Figure AI did not provide audited financial statements, but only promotional videos and images of the robots at work. This further raised doubts about transparency and whether the exorbitant valuation was truly justified.

Figure AI aims to introduce more than 200,000 robots into assembly lines and homes by 2029. Photo: Figure AI.

By definition, bipedal humanoid robots are designed to mimic the shape and functions of humans, such as seeing, sensing their surroundings, and performing complex tasks. Prominent names in this field, such as Sophia, ASIMO, and Junko Chihira, are all testaments to the potential of this technology.

Previously, Tesla had also publicly showcased Optimus, their own humanoid robot, but its available features were still limited.

If Figure AI can truly achieve what it claims, the company will solve a technical challenge that hardware developers have struggled with for decades. However, with questions surrounding transparency, this could be further evidence that the AI "bubble" is inflating too much.

Source: https://znews.vn/startup-bi-an-ve-robot-dang-gay-sot-tai-thung-lung-silicon-post1545507.html