Robotics startup Figure AI in talks for new funding at $39.5 billion valuation, source says

Robotics startup Figure AI is in talks to raise $1.5 billion in funding that would value the company at $39.5 billion, with Parkway Venture Capital expected to lead the Series C round, according to a person familiar with the matter.

Major tech companies, including Nvidia, Meta Platforms and Tesla, alongside various startups, are rushing to make humanoid robots, as advanced AI models accelerate innovation in robotics and automation.

Companies are betting on humanoid robots to meet potential labour shortages and perform repetitive tasks that could be dangerous or tedious such as logistics, warehousing and manufacturing. Figure AI counts German automaker BMW as a customer.

Last year, the startup said it raised $675 million in a funding round, with big-name investors such as OpenAI, Nvidia , Microsoft and Amazon.com founder Jeff Bezos, valuing the company at $2.6 billion.

Figure AI's founder and CEO Brett Adcock said last week that the startup exited its collaboration agreement with ChatGPT-maker OpenAI, citing an internal breakthrough in AI for robots.

"Figure's AI models are built entirely in-house, making external AI partnerships not just cumbersome but ultimately irrelevant to our success," Adcock posted on X.

Bloomberg News initially reported the development and said that Align Ventures is expected to co-lead the funding round for Figure AI, along with Parkway Venture Capital.

Align Ventures and Figure AI did not immediately respond to requests for comment on the report.

Separately, Meta Platforms is establishing a new division within its Reality Labs unit to develop AI-powered humanoid robots that can assist with physical tasks, according to an internal company memo viewed by Reuters on Friday.

In 2024, Tesla's chief executive, Elon Musk, said that the company's humanoid robots, called Optimus, could potentially be ready by the end of the following year.