Figure AI in talks with Microsoft and OpenAI for $500M funding

US-based startup Figure AI, specialising in humanoid robots, is reportedly in discussion with Microsoft and OpenAI to lead a funding round to secure $500 million. According to a Bloomberg report, Microsoft is expected to invest approximately $95 million, with OpenAI contributing around $5 million.

Bloomberg indicates that if the deal is finalised, Figure AI would be valued at approximately $1.9 billion, excluding the funding. Depending on the total funds raised, the startup’s value post-investment could experience a significant surge, potentially elevating it to unicorn status for the second time. The report notes that the funding round is yet to be concluded, and the investment amounts are subject to change, or the deal may even unravel.

In the previous funding round last year, Figure AI secured $70 million, spearheaded by Parkway Venture Capital. At that time, Figure CEO Brett Adcock expressed optimism about being at the forefront of introducing a humanoid capable of performing commercial activities.

Internally dubbed Figure 01, Figure AI is actively developing a humanoid robot designed to undertake hazardous tasks unsuitable for humans, addressing labour shortages in the process.

In a recent development, 1X Technologies, a Norwegian robotics startup also backed by OpenAI, raised $100 million in funding earlier this month. This may suggest a strategic shift towards AI-powered robots from software-oriented AI systems for OpenAI, which made waves in the global technology landscape last year with its AI chatbot, ChatGPT. Business Standard