Intel Capital, the investment arm of Intel, has invested $9 million in Figure, a Bay Area-based robotics firm known for its humanoid robot. The funding comes as Figure celebrates its one-year anniversary and marks a major milestone with its humanoid taking its first steps. Figure has been making significant progress in a short period of time, thanks in part to founder and CEO Brett Adcock’s initial $100 million investment.
Running a robotics company is an expensive endeavor, especially when building hardware and software for a multipurpose humanoid. To secure additional funding, Figure recently raised $70 million in a Series A round led by Parkway Venture Capital. And now, Figure has added another $9 million to its war chest through its partnership with Intel Capital, which could prove to be a strategic move.
Intel Capital is constantly on the lookout for innovative companies, and Figure impressed them with its humanoid robot, the Figure 01. Mark Lydon, Managing Director at Intel Capital, believes that Figure has the potential to revolutionize the way we think about artificial intelligence and enhance the labor economy.
While Figure is not the only company working on a general-purpose humanoid, it distinguishes itself by focusing on industrial warehouse applications initially. Unlike Tesla, which aims to cater to all industries right from the start, Figure is taking a deliberate approach. The company has even built a mock warehouse in its office to test its robot’s capabilities.
Intel Capital’s investment provides Figure with access to valuable resources, particularly for a young company looking to scale quickly. Brett Adcock, CEO of Figure, is excited about the opportunity to collaborate with Intel and tap into its global resources and expertise. He believes that this investment, along with Intel’s support, will accelerate Figure’s growth and success.
Despite having a relatively small team of 50 employees, Figure has been strategic in its hiring process, bringing in former employees from companies like Boston Dynamics, Tesla, and Apple.
Overall, Intel Capital’s investment in Figure highlights their commitment to pushing the boundaries of innovation. By partnering with Figures, Intel aims to support the development of humanoid robots and contribute to the future of artificial intelligence.
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