Figure, a startup aiming to create versatile humanoid robots, announced on Wednesday that it has secured $70 million in its first external funding round, led by Parkway Venture Capital. The investment will be utilized to expedite the development and manufacturing of Figure’s inaugural autonomous humanoid, slated for launch in the coming months. While the valuation of the one-year-old company remains undisclosed, insiders estimate its value to surpass $400 million.

Founder and CEO Brett Adcock personally contributed $20 million to the funding round. Additional investors include Aliya Capital and Bold Ventures.

Headquartered in Sunnyvale, California, Figure specializes in the development of general-purpose humanoid robots capable of operating across diverse environments and performing various tasks, ranging from warehouses to retail settings. The company is currently engaged in discussions with retailers regarding potential commercialization opportunities.

Adcock, formerly the founder of Archer Aviation, emphasized that Figure sets itself apart from other robotics firms like Boston Dynamics and Amazon Robotics by focusing on the creation of robots capable of handling a wide range of tasks. The ultimate objective is to enable these robots to learn and interact with their surroundings.

“We firmly believe that general-purpose humanoid robots hold far greater potential than single-purpose robots,” stated Adcock. “Their integration into the workforce can help address labor shortages and eventually pave the way for eliminating unsafe and undesirable jobs.”

Prominent technology giants and startups, including Figure, are engaged in a race to develop commercially viable humanoid robots. Tesla, for instance, unveiled a prototype of its humanoid robot, ‘Optimus,’ last year. CEO Elon Musk projected that the electric vehicle manufacturer would begin accepting orders for the robot within three to five years, offering them at a price below $20,000.

By Impact Lab