In the past year, investing in robotics startups has not yielded substantial profits, yet it has been marked by notable fundraising efforts and innovative advancements. A significant development in this field was the $675 million Series B funding secured by Figure, a startup established in 2022 focused on creating versatile humanoid robots capable of handling challenging tasks. Another key player is Physical Intelligence, a company that raised $400 million shortly after its founding, highlighting growing interest in robotics with sophisticated applications.
Overall, 2024 has seen robotics startups attract approximately $7.2 billion in investments, a slight increase over 2023 but still below the record levels of 2021. Investors appear to favor startups that create versatile robots, allowing them to perform a variety of tasks rather than specializing in a narrow scope.
Several noteworthy examples exemplify this trend. Pittsburgh’s Skild AI raised $300 million to develop adaptable robots, while Collaborative Robotics, based in Silicon Valley, received $100 million for their collaborative robots designed to assist humans in sectors like manufacturing and medicine. Additionally, The Bot Company, created by Cruise founder Kyle Vogt, is developing home robots and raised $150 million to enhance domestic automation.
Labor shortages are frequently cited as a driving force for these innovations. For instance, Figure’s founder pointed out the vast number of unsafe jobs in the U.S. that could be filled by robots, especially as the population ages. Notably, high-profile investors like Jeff Bezos are supporting multiple robotics ventures, signaling confidence in the potential for robotics to transform various industries.
Investment extends beyond industrial applications, as surgical robots continue to garner attention. This year, companies like MMI and Capstan Medical raised significant funding for advancements in robotic-assisted surgeries. Additionally, drone technology remains a promising sector, with companies like Skydio receiving further investments for their military and commercial applications.
While many robotics startups are still in early stages and seeking to prove their business models, there is considerable excitement surrounding their potential impact. The risks involved are acknowledged by leaders in the field, including Figure’s founders, who believe that their efforts could lead to significant societal benefits and reshape industries. As robotics continues to evolve, the coming years will be crucial in determining which companies can successfully translate their ambitions into reality.