According to the WSJ , a startup called Figure AI is looking to raise new capital at a valuation of nearly $40 billion and promises to build the robots of the future. The company's "trick" is very ambitious: Put more than 200,000 robots in assembly lines and homes by 2029.

Still, WSJ reporters say there’s a long way to go. Figure AI has no revenue yet and only has a few dozen robots in production, according to documents shared with investors.

Still, the documents also show that Figure AI has signed BMW as its first commercial customer and is expected to generate $9 billion in revenue by 2029.

Bet on the founder

On March 24, Figure founder Brett Adcock wrote that his startup was the “most sought-after private stock on the secondary market,” sharing a list that ranked Figure above SpaceX and OpenAI.

Figure AI's robot is working at a BMW factory. Photo: Figure AI .

The seasoned entrepreneur also regularly posts on social media about his interest in Figure stock and touts the partnership with BMW as evidence of the rapid progress of the three-year-old startup.

The WSJ suggests that the bet on Figure AI is also a “bet” on its founder. Since graduating with a business degree from the University of Florida in 2008, Adcock has founded a series of companies.

He sold Vettery, an online recruiting platform he co-founded, in 2018. Adcock then moved to California and co-founded Archer Aviation, an electric flying taxi maker.

Archer then went public in 2021 through a SPAC deal. The company, which is also developing futuristic technology, has yet to generate significant revenue. Adcock left the company in April 2022.

This was also the year Adcock founded Figure AI. In the early days, the CEO took online AI courses and, according to former employees, kept books on robotics scattered across his desk.

Adcock then hired robotics experts, raised $70 million in venture capital, and launched his first humanoid robot in 2023.

In February 2024, OpenAI gradually expanded into the field of robotics through strategic investments and officially joined Figure AI's funding round. According to WSJ , the startup raised $675 million in funding at a valuation of $2.6 billion .

More importantly, Figure AI says it has received investment from Microsoft, OpenAI, Nvidia, and billionaire Jeff Bezos' private investment firm, among others.

The Question Behind the Promises

According to the WSJ , much of Figure's current content pitching investors, as well as Adcock's social media posts, comes from the work its robots are doing at BMW's car plant in South Carolina.

The coffee-making task is performed precisely by the robot. Photo: Figure AI.

Figure announced the partnership in early 2024 and shipped the robot to the factory in 2023. However, when the robot arrived at the BMW plant, the production line was shut down for routine maintenance, according to former Figure employees.

According to this source, the robots are tasked with picking up and moving metal plates, but in reality they don't work alongside humans or at the speed needed for long periods of time.

Additionally, while Adcock has been bragging about his collaboration with BMW on social media, the automaker has so far only confirmed that it is only evaluating a few of Figure's robots and has not yet entered mass production.

Despite big questions about its true capabilities, Figure AI is looking to raise another $1.5 billion at a valuation of $39.5 billion . For comparison, this amount is higher than even long-standing car manufacturers like Ford or other famous startups.

More importantly, the WSJ said some potential investors were surprised that Figure AI did not provide audited financial statements, but only promotional videos and images of robots working. This further raised doubts about transparency and whether the "huge" valuation was really worth it.

Figure AI aims to put more than 200,000 robots into assembly lines and homes by 2029. Photo: Figure AI.

By definition, a bipedal humanoid robot is designed to mimic the shape and function of a human, such as seeing, sensing the environment, and performing complex tasks. Prominent names in this field such as Sophia, ASIMO, and Junko Chihira are all testaments to the potential of this technology.

Previously, Tesla also demonstrated to the public Optimus, their own humanoid robot, but it was still limited in terms of available features.

If Figure AI can actually do what it claims, the company will have solved a technical challenge that hardware developers have struggled with for decades. But with questions about transparency, it could be evidence that the AI ​​bubble is getting too big.

Source: https://znews.vn/startup-bi-an-ve-robot-dang-gay-sot-tai-thung-lung-silicon-post1545507.html