Jeff Bezos, Nvidia Join Forces in $675M Investment for Humanoid Robots

Quincy Jon, Tech Times 23 February 2024, 07:02 pm

Amazon founder Jeff Bezos stands at the forefront alongside major technology players like Nvidia Corp., investing in the development of humanoid robots via the startup Figure AI Inc.

The robotics company, based in Sunnyvale, California, is in the process of raising approximately $675 million in a funding round with an estimated pre-money valuation of $2 billion. According to Bloomberg, Jeff Bezos, through Explore Investments LLC, committed $100 million, while Microsoft is investing $95 million, and both Nvidia and an Amazon-affiliated fund are contributing $50 million each.

According to Reuters, Parkway Venture Capital led the $70 million first external round of funding for Figure AI last year. Figure AI founder and chief executive, Brett Adcock, invested $20 million in the round.

(Photo : Alex Wong/Getty Images) Amazon CEO Jeff Bezos, founder of space venture Blue Origin and owner of The Washington Post, participates in an event hosted by the Air Force Association September 19, 2018 in National Harbor, Maryland.

Humanoid Robots is The Next Frontier in AI

Investors in this round include Intel Corp.'s venture capital arm, LG Innotek, Samsung's investment group, Parkway Venture Capital, Align Ventures, ARK Venture Fund, Aliya Capital Partners, Tamarack, Boscolo Intervest Ltd., and BOLD Capital Partners.

The precise valuation and final details of the funding round are yet to be confirmed, but they reflect the robust interest and investments pouring into the booming AI robotics sector.

Figure AI intends to advance AI technology, and its investment round shows the rising relevance of robots in the AI business. With support from OpenAI and Microsoft, Figure AI focuses on creating humanoid robots that can work in a variety of settings, including warehouses and retail, as well as handle hazardous tasks.

The AI robotics industry is witnessing significant activity, with companies like OpenAI-backed 1X Technologies AS and Sanctuary AI raising substantial funds for humanoid robot development. Tesla is also actively working on its humanoid robot called Optimus.

Jeff Bezos' Mining Company Finds Massive Copper Deposit

Meanwhile, another Jeff Bezos-backed company made waves recently. KoBold Metals has uncovered a significant copper deposit in Zambia, crucial for renewable energy and electric vehicle manufacturing. The Mingomba copper project has the potential to rival top high-grade copper mines globally, comparable to the renowned Kamoa-Kakula mine.

KoBold President Josh Goldman revealed plans for an updated resource assessment and feasibility studies before deciding on the construction of a $2 billion facility, as previously reported by TechTimes.

Utilizing artificial intelligence and advanced technologies akin to "Google Maps" for Earth's crust, KoBold aims to enhance copper and cobalt exploration. Despite spending nearly $100 million on exploration in 2023, the California-based metals exploration company remains undeterred by global low-cost concerns affecting battery metal projects.

According to the Bloomberg Billionaires Ranking, Jeff Bezos is the world's second richest person, with an estimated wealth of $197.1 billion. He served as Amazon's CEO until 2021 and remains chairman.

Last month, Amazon laid off 18,000 personnel, its largest workforce reduction. Most job layoffs were in Amazon Stores, People Experience, and Technology Solutions. These cuts continue Amazon's employment downsizing strategy, which began in late 2022, to streamline processes and address the impact of the COVID-19 pandemic.