Home Bots & Business Figure Secures $70M Series A Funding for Commercialization of Humanoid Robot

Figure Secures $70M Series A Funding for Commercialization of Humanoid Robot

by Marco van der Hoeven

Figure, an AI robotics company specializing in the development of general-purpose humanoid robots, has raised $70 million in a Series A funding round. This substantial funding will be utilized to accelerate the advancement of Figure 01, the company’s autonomous humanoid robot, establish Figure’s AI data pipeline for autonomous operations, and drive forward with commercialization efforts.

Parkway Venture Capital leads the funding round, with additional investments from Brett Adcock, Aliya Capital, Bold Capital Partners, Tamarack Global, FJ labs, and KUKA Robotics CEO Till Reuter. This funding milestone follows Figure’s recent emergence from stealth mode.

Figure’s primary objective is to construct humanoid robots for initial deployment in the workforce, addressing labor shortages and supporting the global supply chain. Over the past few months, Figure has made significant hires in AI, Controls, Manipulation, Perception, and Commercial Operations. Notably, Bob Klunk has joined as Head of Warehouse Solutions, leveraging his extensive experience as the former SVP of Operations at Geodis to spearhead the integration of Figure 01 into real-world applications.

“We focus on investing in AI technology pioneers, and we believe that autonomous humanoid robots have the potential to revolutionize the labor economy. We are impressed by the rapid progress Brett and the team of industry experts at Figure have achieved in the last year, and we are thrilled to be their financial partner, providing resources to accelerate the commercialization of Figure 01,” stated Jesse Coors-Blankenship, Co-Founder and Managing Partner of Parkway Venture Capital.

“Figure’s immediate goal is to deploy humanoids in the workforce, and we believe that the structured, repetitive, and often hazardous tasks in warehouses offer an excellent initial application. This investment round will support the testing of early warehouse solutions and enable us to move quickly and iterate ahead of commercial operations. I look forward to growing this strategic partnership with Parkway and all participating investors to ensure Figure’s success,” said Brett Adcock, Founder and CEO of Figure.

Figure was founded in 2022 by Brett Adcock, former Founder of Archer Aviation and Vettery, with the aim of revolutionizing the field of robotics. Adcock highlighted the pressing issue of labor shortages and the need for increased productivity through automation, stating, “Once Figure’s humanoids are deployed to work alongside us, we’ll have the potential to produce an abundance of affordable, more widely available goods and services to a degree the world has never seen.”

The Figure team, comprising 40 industry experts, brings a combined 100 years of AI and humanoid experience from prominent companies such as Boston Dynamics, Tesla, IHMC, GoogleX, Cruise, and Apple SPG. Dr. Jerry Pratt, renowned for leading the team at the DARPA Humanoid Robotics Challenge during his tenure at IHMC, serves as Figure’s CTO. The team accomplished the full-scale humanoid build in just six months and will commence testing in the coming months.

The company’s flagship humanoid robot, Figure 01, combines the dexterity of the human form with AI capabilities, enabling it to perform a wide range of tasks across various industries, including manufacturing, logistics, warehousing, and retail. In the long term, Figure’s humanoids will play pivotal roles in additional areas such as assisting in homes, caring for the elderly, and potentially contributing to the construction of new worlds on other planets.

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