Listen to this article
Figure, a robotics company based in the Bay Area, achieved a significant progression this week as its humanoid robot officially walked for the first time, just days shy of the company’s first anniversary. The milestone is a reflection of the significant strides Figure has made in a relatively short period. The company’s advancements are largely due to an initial $100 million bootstrapping from the founder and CEO Brett Adcock.
Rising Costs and the Search for Funding
Running a robotics company can be a costly venture, particularly when developing versatile humanoid hardware and software—a coveted goal in the robot industry. Consequently, Figure started seeking backers beyond its firm to fund this ambitious dream. In May, a substantial $70 million Series A investment led by Parkway Venture Capital was announced. Adcock indicated that the plan was to raise more in the short term.
Intel Capital’s Strategic Investment
Continuing its funding search, Figure has now signaled that it added a further $9 million equity investment from Intel Capital, potentially a strategic partnership. The company’s journey and development with their Figure 01 ‘bot impressed Intel. Mark Lydon, the managing director at Intel Capital, explains, “We constantly search for companies pushing the boundaries of innovation, and we believe Figure has the potential to shift the world’s thinking about artificial intelligence.”
Lydon continues, “Figure’s focus on enhancing the labour economy is an essential part of our future, and we are looking forward to supporting humanoid development.”
Figure’s Strategic Approach to Humanoid Development
Figure joins the ranks of firms like Tesla, Apptronik, and Open AI-backed 1X, all vying to solve the complex problem of creating a general-purpose humanoid. Unlike Tesla’s plan to cater to all at launch, Figure has adopted a calculated approach, prioritizing industrial warehouse applications to start.
In May, the company had recently constructed a mock warehouse centrally located within their office. However, the robot was not yet ready for testing at that time. Access to resources through Intel’s venture arm provides significant prospects for a burgeoning company like Figure— especially one that is seeking a speedy start and rapid scaling.
Accelerating Growth with Intel’s Support
“Intel Capital makes substantial, bold frontier bets, and we are thrilled to share the same vision of a better future,” Adcock expresses in a statement. “This investment, coupled with the global resources and expertise of the Intel team, will help accelerate the growth and success of Figure.”
With a team of 50 members, comprising strategic hires from companies like Boston Dynamics, Tesla, and Apple, Figure is on its way to carving a niche for itself in the realm of humanoid robotics.
Please email us your feedback and news tips at hello(at)superbcrew.com
Activate Social Media:
