Bergur Thormundsson
Research expert covering technology in the Nordics, AI and smart cities
Figure AI - statistics & facts
Figure AI is among the technology startups that stand at the intersection of robotics and artificial intelligence (AI). This pivotal crossroad of tech development is likely to be one of the fastest growing markets worldwide in the coming decade, with projected growth rates of around 20 percent annually. The company’s development of bipedal robots meant to assist or take over human tasks is being backed by some of the largest and most influential tech firms in the world, including Nvidia, one of the highest-valued companies in the world, and OpenAI, the AI revolution’s heavy hitters.
Indeed, Figure AI's goal is for their robots to alleviate labor shortages and take on dangerous manual tasks in warehouses and other settings. The company also envisions future models assisting with nurse care and potentially aiding in space infrastructure construction. While still in the early stages of development, Figure AI's ambitious goals seem more attainable than those of many other firms, given their track record and expertise in the field.
A new robot for timeless tasks
Figure AI's more recent offering to the robotic and AI market is the Figure 02 humanoid robot, succeeding the Figure 01 bipedal robot. The Figure robots are powered by a generative AI model, enhancing its flexibility and responsiveness in performing tasks compared to competitors. The Figure 02 incorporates enhanced communication capabilities, utilizing speakers and microphones for natural language interaction, which improves instruction clarity and transparency in task execution. These communication features are vital for safety, as the robot is designed to operate without a safety cage and work alongside human coworkers.Indeed, Figure AI's goal is for their robots to alleviate labor shortages and take on dangerous manual tasks in warehouses and other settings. The company also envisions future models assisting with nurse care and potentially aiding in space infrastructure construction. While still in the early stages of development, Figure AI's ambitious goals seem more attainable than those of many other firms, given their track record and expertise in the field.
Big dreams with big backers
The reason Figure AI differs from other startups with big dreams is that it has the backers with technology, know-how, and most importantly, the financial clout to make these dreams at least remotely possible. Figure AI, valued at over 2.6 billion U.S. dollars in June 2024, counts among its backers Microsoft, OpenAI, Nvidia, Amazon, Jeff Bezos personally, as well as many other venture capital firms. This is a significant repository of software and hardware for Figure AI, with the largest developer of AI and the most highly valued chip maker on earth in cooperative agreement with the startup.Fine line between cooperation and being consumed
Figure AI has, with its attractive AI robot selling pitch, attracted influential backers. But it remains to be seen if all this funding can manifest itself in a market-ready product. Secondly, but importantly for Figure AI, it must be careful that no one backer becomes so important as to wholly subsume its operations. Microsoft has already taken over another AI startup and its relationship with OpenAI is uncertain. In any case, Figure AI is the startup, among hundreds of competitors, that is well worth watching.Bergur Thormundsson
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Aug 7, 2024
Bergur Thormundsson
Research expert covering technology in the Nordics, AI and smart cities
