Mysterious robot startup is causing a stir in Silicon Valley

According to WSJ , a startup called Figure AI is looking to raise new capital at a valuation of nearly $40 billion and promises to build the robots of the future. The company's "trick" is very ambitious: Put more than 200,000 robots into assembly lines and homes by 2029.

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

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

Bet on the founder

On March 24, 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 SpaceX and OpenAI.

Figure AI's robot is working at a BMW factory. Photo: Figure AI .

The seasoned entrepreneur has also been posting regularly on social media about his interest in Figure stock and has hailed the partnership with BMW as evidence of the rapid progress of the 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, an electric flying taxi maker.

Archer then went public in 2021 through a SPAC deal. The company, which is also developing futuristic technology, 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, always had books on robotics scattered on his desk.

Adcock then 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 joined Figure AI's fundraising round. According to WSJ , the startup raised $675 million in funding at a valuation of $2.6 billion .

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

The question behind the promises

According to the WSJ , much of Figure's current content pitching investors, as well as Adcock's social media posts, comes from the work its robots are doing at BMW's car plant in South Carolina.

The coffee-making task 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 plant, the production line had already been shut down for routine maintenance, according to former Figure employees.

According to this source, the robots are tasked with picking up and moving metal plates, but they don't work alongside humans or at the speed needed for long periods of time.

Additionally, while Adcock has been boasting about his collaboration with BMW on social media, the automaker has so far only confirmed that they are only evaluating a few of Figure's robots and have not yet entered mass production.

Despite big questions about its true capabilities, Figure AI is looking to raise another $1.5 billion at a valuation of $39.5 billion . For comparison, this amount is higher than even long-standing car manufacturers like Ford or other famous startups.

More importantly, the WSJ said some potential investors were surprised that Figure AI did not provide audited financial reports, but only provided promotional videos and images of robots working. This further raised doubts about transparency and whether the "huge" valuation was really worth it.

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

By definition, a bipedal humanoid robot is designed to mimic the shape and function of a human, such as seeing, sensing the surrounding environment, and performing complex tasks. Prominent names in this field such as Sophia, ASIMO, or Junko Chihira are all testaments to the potential of this technology.

Previously, Tesla also demonstrated to the public Optimus, their own humanoid robot, but it was still limited in terms of available features.

If Figure AI can do what it claims, it will solve a technical challenge that hardware developers have struggled with for decades. But with questions about transparency, it could be evidence that the AI bubble is getting too big.

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