Figure AI

Figure AI.

A unicorn humanoid robot company established in 2022 with a valuation of $2.6B

1、 Founding Team

CEO: Brett Adcock
Continuously successful entrepreneur, first startup company Archer Aviation listed (IPO $2.7B), online recruitment company Vettery founded at the age of 26 acquired by Adecco Group ($100M exit)
CTO: Jerry
Expert in the field of robotics, with a bachelor’s, master’s, and doctoral degree from MIT, engaged in EE and CS, and working as a PI at the Institute for Human and Machine Cognition (IHMC)

2、 Product

Figure 01: Robots that can see, speak, act, think, and recognize their surroundings, powered by OpenAI, have recently gained popularity and are referred to as the GPT moments of humanoid robots!

3、 Business Model

Humanoid robots will fundamentally change multiple industries, from corporate labor roles (over 3 billion humans), to assisting individuals in households (over 2 billion people), to caring for the elderly (about 1 billion people), and building new worlds on other planets. 50% of the global gross domestic product (GDP) is used to pay for human labor every day, equivalent to an annual market of $400 trillion. Figure AI focuses on solving the shortage of labor in the labor market, and in industries such as manufacturing, logistics, warehousing, and retail, automated repetitive structured work has begun.
The three-step process of business blueprint:
1. Build fully functional humanoid robots.
2. Conduct human like manipulation.
3. Integrate robots into the workforce.
Announced an agreement with BMW in January 2024 to deploy robots to automotive manufacturing plants

4、 Technology

End to end neural network, multimodal input, speech and action execution as outputs, action execution

5、 Financing situation

Currently in Series B, with 3 rounds of financing, raising a total of $754M. Investors include OpenAI, ARK Venture Fund, Nvidia, Microsoft, Intel, Jeff Bezoz, and others

VI. Summary

###Advantages
1. The founding team has successful entrepreneurial experience and a solid background in the field of robotics
2. Deep cooperation with OpenAI and BMW, supported by the technology of general large models and specific commercial implementation scenarios
###Risk
1. Technological maturity and high commercial standards
2. Moral/Legal Boundaries: How to Handle Work Accidents?
How to maintain an advantage in crowded tracks? How to obtain training data on the labor market?

Official website: https://www.figure.ai/