Sunnyvale, California: Figure, a startup that wants to build general-purpose humanoid robots, has raised $70 million from investors led by Parkway Venture Capital in its first external round, the company said on Wednesday.
The new funding will be used to accelerate the development and manufacturing of the company’s first autonomous humanoid, which is expected to launch in the next few months. The valuation of the one-year-old company was not disclosed, but a source close to the firm put the value at over $400 million.
Figure develops general-purpose humanoid robots that could work in different environments and handle a variety of tasks, from warehouses to retail. It’s in talks with retailers about commercialization opportunities, the company said.
The company was founded by Brett Adcock, former founder of Archer Aviation, who invested $20 million personally in the round. Other investors include Aliya Capital and Bold Ventures.
Figure is among the companies that are racing to develop the next commercially viable humanoid robot. Tesla, for example, revealed a prototype of its humanoid robot ‘Optimus’ last year. Chief executive Elon Musk predicted the electric vehicle maker would be able to take orders for the robot in three to five years, and sell them for under $20,000.