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Figure is an AI Robotics company building the world's first commercially viable autonomous humanoid robot.
Memo Highlights
Confidential
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Highlights
We’re investing in Figure AI’s $1.5B series C. Figure is widely recognized as the first AI robotics company aiming to deliver a general-purpose humanoid robot at global scale, with the vision to address labor shortages by deploying autonomous humanoids across numerous industries. By merging robotics and cutting-edge AI, Figure seeks to redefine physical labor and increase productivity worldwide.
The company has attracted several strategic investors and top-tier funds (undisclosed for confidentiality). Their cap table includes; OpenAI, Microsoft, NVIDIA, Jeff Bezos, Amazon Industrial Fund, ARK Invest, Intel, LG, Samsung, and other key players. Adding to momentum, Figure AI recently secured a second major commercial partner (whose identity remains confidential) alongside their existing collaboration with BMW. This dual partnership bolsters CEO Brett Adcock’s projection that the company could ship 100,000 humanoid robots over the next four years.
In a strategic move, Figure recently ended its collaboration agreement with OpenAI. According to company statements, an internal “major breakthrough” in robot AI development has enabled Figure to focus on building its own vertically integrated models, a pivot reminiscent of Tesla’s approach in controlling the full technology stack.
Figure AI represents a rare opportunity to back the emerging category leader in general-purpose robotics. Its dual emphasis on vertical integration and rapid iteration—from hardware design to proprietary AI—positions it uniquely to deliver best-in-class autonomy and cost-effectiveness.
Even partial penetration of the $30T+ labor sector could spark a “ChatGPT-level” inflection in market valuation, especially once Figure 03 becomes widely available for lease, promising quick payback for enterprises and potentially revolutionizing physical labor worldwide.
Modern economies face dual challenges of aging demographics and systemic labor shortages. The manufacturing sector alone reports 2.4M unfilled positions in the US, with similar gaps in Europe and Asia. Traditional automation solutions like robotic arms fail to address dynamic environments requiring human-like dexterity and decision-making. Warehouse operations waste 15-20% of man-hours on non-value-added movements, while hazardous material handling accounts for 12% of workplace fatalities. These issues underscore an urgent need for adaptive automation that combines human flexibility with machine precision.
Up to 85 million jobs worldwide could remain unfilled by 2030 due to skill shortages. Figure AI believes it can address a significant part of the $30 trillion physical labor market by automating repetitive, unfilled, or otherwise undesirable tasks. With over $1B in verbal demand already indicated, the market appetite for a robust humanoid solution is evident.
Figure AI’s humanoid platform represents a paradigm shift from single-purpose industrial robots. The newly released Figure 02 model—unveiled in August 2024—operates as a mobile, bipedal workforce capable of performing 85% of human factory tasks, as also reported by Inspenet. Unlike fixed automation systems, these robots can be rapidly redeployed across production lines via software updates rather than physical reconfiguration.
While Figure originally partnered with OpenAI for speech-to-speech and reasoning models, the company recently terminated that collaboration after a “major breakthrough” in its in-house AI. This pivot toward vertical integration aims to deliver more specialized and autonomous humanoid solutions. By consolidating hardware development and AI modeling, Figure expects to accelerate robot adaptability and avoid reliance on external providers.
Figure 02 is the company’s second-generation humanoid robot, specifically designed for commercial customers. Released in August 2024—just 17 months after Figure 01—it represents a significant leap in both hardware and software capabilities.
Experts at Goldman Sachs and Morgan Stanley project that the value of manual, physical, or service-based labor stands $30T annually. The largest market in the world could see major disruption through humanoid automation:
Segment Examples (from Morgan Stanley research):
Figure leads in several critical dimensions:
Figure employs 120+ engineers with robotics, AI, and humanoid backgrounds from Tesla, Boston Dynamics, NASA, Apple, Google, Cruise, Rivian, and Lucid Motors. Many worked together for over a decade at Archer and Vettery before joining Figure. Key members include:
Humanity stands on the cusp of an AI and robotics revolution. With ongoing labor shortages and growing demand for around-the-clock productivity, humanoid robots are uniquely positioned to step in. Figure’s track record—releasing Figure 01 in just 12 months from founding, then Figure 02 in under 2 years, and soon Figure 03—illustrates a rapid innovation cycle unmatched by most competitors.
Three 2024 thresholds further catalyze this momentum:
High-profile endorsements further validate the category. Elon Musk anticipates up to “more humanoid robots than people by 2040,” while NVIDIA’s Jensen Huang cites humanoid form factors as “the easiest to adapt to a world built for humans.”
Round
$1.5B Series C
Investors
Bezos Expeditions, OpenAI, NVIDIA, Intel
Date
15 March
Questions
team@joinbeyond.coMemo
We’re investing in Figure AI’s $1.5B series C. Figure is widely recognized as the first AI robotics company aiming to deliver a general-purpose humanoid robot at global scale, with the vision to address labor shortages by deploying autonomous humanoids across numerous industries. By merging robotics and cutting-edge AI, Figure seeks to redefine physical labor and increase productivity worldwide.
The company has attracted several strategic investors and top-tier funds (undisclosed for confidentiality). Their cap table includes; OpenAI, Microsoft, NVIDIA, Jeff Bezos, Amazon Industrial Fund, ARK Invest, Intel, LG, Samsung, and other key players. Adding to momentum, Figure AI recently secured a second major commercial partner (whose identity remains confidential) alongside their existing collaboration with BMW. This dual partnership bolsters CEO Brett Adcock’s projection that the company could ship 100,000 humanoid robots over the next four years.
In a strategic move, Figure recently ended its collaboration agreement with OpenAI. According to company statements, an internal “major breakthrough” in robot AI development has enabled Figure to focus on building its own vertically integrated models, a pivot reminiscent of Tesla’s approach in controlling the full technology stack.
Figure AI represents a rare opportunity to back the emerging category leader in general-purpose robotics. Its dual emphasis on vertical integration and rapid iteration—from hardware design to proprietary AI—positions it uniquely to deliver best-in-class autonomy and cost-effectiveness.
Even partial penetration of the $30T+ labor sector could spark a “ChatGPT-level” inflection in market valuation, especially once Figure 03 becomes widely available for lease, promising quick payback for enterprises and potentially revolutionizing physical labor worldwide.
Modern economies face dual challenges of aging demographics and systemic labor shortages. The manufacturing sector alone reports 2.4M unfilled positions in the US, with similar gaps in Europe and Asia. Traditional automation solutions like robotic arms fail to address dynamic environments requiring human-like dexterity and decision-making. Warehouse operations waste 15-20% of man-hours on non-value-added movements, while hazardous material handling accounts for 12% of workplace fatalities. These issues underscore an urgent need for adaptive automation that combines human flexibility with machine precision.
Up to 85 million jobs worldwide could remain unfilled by 2030 due to skill shortages. Figure AI believes it can address a significant part of the $30 trillion physical labor market by automating repetitive, unfilled, or otherwise undesirable tasks. With over $1B in verbal demand already indicated, the market appetite for a robust humanoid solution is evident.
Figure AI’s humanoid platform represents a paradigm shift from single-purpose industrial robots. The newly released Figure 02 model—unveiled in August 2024—operates as a mobile, bipedal workforce capable of performing 85% of human factory tasks, as also reported by Inspenet. Unlike fixed automation systems, these robots can be rapidly redeployed across production lines via software updates rather than physical reconfiguration.
While Figure originally partnered with OpenAI for speech-to-speech and reasoning models, the company recently terminated that collaboration after a “major breakthrough” in its in-house AI. This pivot toward vertical integration aims to deliver more specialized and autonomous humanoid solutions. By consolidating hardware development and AI modeling, Figure expects to accelerate robot adaptability and avoid reliance on external providers.
Figure 02 is the company’s second-generation humanoid robot, specifically designed for commercial customers. Released in August 2024—just 17 months after Figure 01—it represents a significant leap in both hardware and software capabilities.
Experts at Goldman Sachs and Morgan Stanley project that the value of manual, physical, or service-based labor stands $30T annually. The largest market in the world could see major disruption through humanoid automation:
Segment Examples (from Morgan Stanley research):
Figure leads in several critical dimensions:
Figure employs 120+ engineers with robotics, AI, and humanoid backgrounds from Tesla, Boston Dynamics, NASA, Apple, Google, Cruise, Rivian, and Lucid Motors. Many worked together for over a decade at Archer and Vettery before joining Figure. Key members include:
Humanity stands on the cusp of an AI and robotics revolution. With ongoing labor shortages and growing demand for around-the-clock productivity, humanoid robots are uniquely positioned to step in. Figure’s track record—releasing Figure 01 in just 12 months from founding, then Figure 02 in under 2 years, and soon Figure 03—illustrates a rapid innovation cycle unmatched by most competitors.
Three 2024 thresholds further catalyze this momentum:
High-profile endorsements further validate the category. Elon Musk anticipates up to “more humanoid robots than people by 2040,” while NVIDIA’s Jensen Huang cites humanoid form factors as “the easiest to adapt to a world built for humans.”