Figure AI, also backed by ChatGPT-maker OpenAI and Microsoft MSFT.O, is raising about $675 million in a funding round that carries a pre-money valuation of about $2 billion, according to the report. Jeff Bezos, Nvidia and other big technology names are investing in a business that’s developing human-like robots, according to people with knowledge of the situation, part of a scramble to find new applications for artificial intelligence.
Amazon.com founder Jeff Bezos, Nvidia and other big technology names are investing in startup Figure AI that develops human-like robots, Bloomberg News reported on Friday, citing people with knowledge of the situation. Figure AI, also backed by ChatGPT-maker OpenAI and Microsoft, is raising about $675 million in a funding round that carries a pre-money valuation of about $2 billion, according to the report.
The funding round, also supported by OpenAI and Microsoft, is poised to raise approximately $675 million, marking a significant milestone for Figure AI with a pre-money valuation of around $2 billion.
Explore Investments LLC, led by Bezos, has pledged $100 million, with Microsoft contributing $95 million. Additionally, Nvidia and an Amazon-affiliated fund are each injecting $50 million into the venture, according to the report.
Investments in artificial intelligence startups have sparked after the launch of OpenAI's viral chatbot ChatGPT in November 2022, as investors sense an opportunity, betting on these startups that they might outpace bigger rivals.
OpenAI, which at one point considered acquiring Figure, is investing $5 million, the report added.
Backers include Intel's venture capital arm, LG Innotek, Samsung's investment group, as well as venture firms Parkway Venture Capital and Align Ventures, the report added.
ARK Venture Fund, Aliya Capital Partners and Tamarack are also among investors in the startup, according to the report.
Amazon, Nvidia, Microsoft and Intel declined to comment, while other names mentioned in the report, including Figure AI, did not immediately respond to Reuters' requests for comment.
Nvidia and an Amazon-related fund are each contributing $50 million to the cause. The surge in interest in artificial intelligence startups follows the success of OpenAI's ChatGPT, a widely popular chatbot launched in November 2022, prompting investors to explore opportunities in this burgeoning sector.
Despite earlier contemplations of acquisition, OpenAI has opted to invest $5 million in Figure. The company's support is bolstered by a host of other backers, including Intel's venture capital arm, LG Innotek, Samsung's investment group, and venture firms Parkway Venture Capital and Align Ventures.
Other technology companies are involved as well. Intel's venture capital arm is pouring in $25 million, and LG Innotek is providing $8.5 million. Samsung’s investment group, meanwhile, committed $5 million. Backers also include venture firms Parkway Venture Capital, which is investing $100 million, and Align Ventures, which is providing $90 million.
The ARK Venture Fund is participating as well, putting in $2.5 million, while Aliya Capital Partners is investing $20 million. Other investors include Tamarack, at $27 million; Boscolo Intervest, investing $15 million; and BOLD Capital Partners, at $2.5 million.
Other technology companies are involved as well. Intel's venture capital arm is pouring in $25 million, and LG Innotek is providing $8.5 million. Samsung’s investment group, meanwhile, committed $5 million. Backers also include venture firms Parkway Venture Capital, which is investing $100 million, and Align Ventures, which is providing $90 million.
The ARK Venture Fund is participating as well, putting in $2.5 million, while Aliya Capital Partners is investing $20 million. Other investors include Tamarack, at $27 million; Boscolo Intervest, investing $15 million; and BOLD Capital Partners, at $2.5 million.
In its inaugural external funding round last year, Sunnyvale, California-based Figure, known for its development of versatile humanoid robots capable of operating across various environments and performing diverse tasks ranging from warehouse duties to retail operations, secured $70 million from investors, spearheaded by Parkway Venture Capital.
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