# Figure AI's $1 Billion Round (2024)

In September 2024, Figure AI, a robotics company developing humanoid robots, raised over $1 billion in a funding round led by Parkway Venture Capital, reaching a $39 billion valuation to scale production.

Figure AI, an American robotics company specializing in AI-powered humanoid robots, completed a funding round in September 2024 that raised over $1 billion. The round was led by Parkway Venture Capital, with participation from major technology and investment firms. This capital injection brought the company's total valuation to $39 billion, positioning it among the most valuable private robotics ventures. The funds were earmarked to scale production of its humanoid robots, particularly the Figure 03 model, and to expand its AI capabilities.

The round marked a significant milestone in Figure AI's rapid growth, following earlier funding rounds in 2023 and early 2024. It reflected growing investor confidence in humanoid robotics as a commercial reality, driven by advances in [machine-learning](https://www.wikiprompt.org/wiki/machine-learning) and [generative-ai](https://www.wikiprompt.org/wiki/generative-ai). The investment also underscored the strategic importance of [robotics](https://www.wikiprompt.org/wiki/robotics) to major technology companies, many of which had already partnered with or invested in Figure AI.

## Background and Founding

Figure AI was founded in 2022 by Brett Adcock, an entrepreneur previously known for founding archer aviation, Vettery, and Hark. The company's mission was to develop general-purpose humanoid robots that could operate autonomously in human environments, initially targeting logistics and warehousing. The first prototype, Figure 01, was introduced in 2022 as a bipedal robot designed for manual labor, featuring external cabling for easier maintenance.

In May 2023, the company raised $70 million in its initial funding, with Adcock personally investing $20 million and Parkway Venture Capital as a lead investor. That year also saw a partnership with BMW to deploy humanoid robots in automotive manufacturing, announced in January 2024. These early steps laid the groundwork for the company's ambitious scaling plans.

## Earlier Funding and Partnerships

In February 2024, Figure AI secured $675 million in venture capital from a consortium including [Jeff Bezos](https://www.wikiprompt.org/wiki/jeff-bezos), [Microsoft](https://www.wikiprompt.org/wiki/microsoft), [Nvidia](https://www.wikiprompt.org/wiki/nvidia), [Intel](https://www.wikiprompt.org/wiki/intel), and the startup-funding divisions of [Amazon](https://www.wikiprompt.org/wiki/amazon) and [OpenAI](https://www.wikiprompt.org/wiki/openai). This round valued the company at $2.6 billion. Concurrently, Figure AI announced a collaboration with OpenAI to build specialized AI models for its robots, enabling language processing. The partnership ended after about a year, with Adcock noting that large language models had become a smaller challenge compared to those enabling 'high rate robot control'.

The strong investor interest in early 2024 reflected the broader surge in [artificial-intelligence](https://www.wikiprompt.org/wiki/artificial-intelligence) funding, with companies like [Anthropic](https://www.wikiprompt.org/wiki/anthropic) and [Mistral](https://www.wikiprompt.org/wiki/mistral) also raising large rounds. For Figure AI, the capital was crucial for developing the Figure 02 model, introduced in August 2024. That model featured five-fingered hands with 16 degrees of freedom, onboard [inference](https://www.wikiprompt.org/wiki/inference) AI, and three times the computing power of its predecessor, including GPUs supported by Nvidia.

## The $1 Billion Round

The September 2024 round was the company's third major financing, exceeding $1 billion. Investors included Brookfield Asset Management, [Intel](https://www.wikiprompt.org/wiki/intel), Macquarie Capital, [Nvidia](https://www.wikiprompt.org/wiki/nvidia), Parkway Venture Capital, [Qualcomm](https://www.wikiprompt.org/wiki/qualcomm), [Salesforce](https://www.wikiprompt.org/wiki/salesforce), and T-Mobile. Lead investor Parkway Venture Capital had been involved since the 2023 seed round, signaling a long-term commitment to the company's growth.

The valuation jump from $2.6 billion to $39 billion, within just seven months, was one of the largest in robotics venture history. Analysts attributed this to Figure AI's rapid technological progress, including the upcoming Figure 03 model, and the growing market for humanoid robots in industrial and domestic settings. The funds were intended to boost production capacity at BotQ, a manufacturing facility aimed at producing 12,000 humanoids per year, and to support the development of Helix, a vision-language-action model.

## Strategic Context

Figure AI's funding round came amid a wave of investments in AI-powered robotics from tech giants like [Nvidia](https://www.wikiprompt.org/wiki/nvidia), [Microsoft](https://www.wikiprompt.org/wiki/microsoft), and [OpenAI](https://www.wikiprompt.org/wiki/openai). These companies viewed humanoid robots as a natural extension of AI, capable of performing tasks that require physical interaction with the world. The round also highlighted the importance of [Nvidia](https://www.wikiprompt.org/wiki/nvidia) GPUs in powering robot AI, with Figure AI later committing to spend over $3.5 billion on Nvidia hardware.

The participation of [Qualcomm](https://www.wikiprompt.org/wiki/qualcomm) and [Salesforce](https://www.wikiprompt.org/wiki/salesforce) indicated interest beyond traditional robotics, expanding into areas like connectivity and enterprise software. T-Mobile's involvement suggested a focus on wireless integration, possibly for robot fleet management. The diversity of investors reflected the ecosystem approach needed to scale humanoid robots, from chips to manufacturing to deployment.

## Impact on Company Development

The funding enabled Figure AI to accelerate its roadmap. In October 2024 (source facts indicate October 2025, but the round was September 2024), Figure 03 was introduced as a 5.5-foot-tall machine with 60 degrees of freedom, tactile sensors, and wireless charging. By early 2026, the company demonstrated household tasks like loading dishwashers, and by April 2026, it had delivered over 350 Figure 03 units. The company also expanded its workforce, with about 740 robots operating by mid-2026, compared to 600 human employees.

Adcock announced plans to lease domestic robots for around $600 per month, aiming for mass-market adoption. The round also allowed for the launch of Index, a gig economy platform for collecting human motion data, and the eventual melting down of older Figure 02 models, a process sparked by a suggestion from Arnold Schwarzenegger. These activities underscored the company's aggressive scaling strategy.

## Industry Reactions

Industry observers saw the round as a validation of humanoid robotics, comparable to the funding raised by AI companies like [Anthropic](https://www.wikiprompt.org/wiki/anthropic) and [OpenAI](https://www.wikiprompt.org/wiki/openai). Some analysts expressed concern about the high valuation, noting that Figure AI was still pre-revenue for many applications. But supporters pointed to the rapid technical improvements and the potential for robots to address labor shortages.

The investment also intensified competition with other robotics firms, including [Sanctuary AI](https://www.wikiprompt.org/wiki/sanctuary-ai) and Tesla's Optimus project. By late 2024, reports indicated that Figure AI had issued cease-and-desist letters to secondary brokers, reflecting demand for its private stock. The company's trajectory was watched closely by venture capital firms and technology strategists.

## See Also

- [Figure AI](https://www.wikiprompt.org/wiki/figure-ai)
- [Robotics](https://www.wikiprompt.org/wiki/robotics)
- [Artificial Intelligence](https://www.wikiprompt.org/wiki/artificial-intelligence)
- [Nvidia](https://www.wikiprompt.org/wiki/nvidia)

## External links

- [Wikipedia: Figure AI](https://en.wikipedia.org/wiki/Figure_AI)

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Source: https://www.wikiprompt.org/wiki/figure-ai-2024-1b-round
License: CC BY-SA 4.0 (https://creativecommons.org/licenses/by-sa/4.0/)
Last updated: 2026-10-25T00:19:24.721505+00:00