Physical Intelligence, the two-year-old San Francisco robotics firm, is reportedly in discussions to secure approximately $1 billion in fresh capital, which could push its valuation beyond $11 billion, as per Bloomberg. This potential transaction would effectively double the company’s $5.6 billion market worth in a mere four months.
Bloomberg indicated that Founders Fund is poised to participate, with Lightspeed Venture Partners also in talks to invest alongside existing supporters Thrive Capital and Lux Capital. The publication noted that the agreement remains in its nascent phase, and its particulars are subject to alteration.
TechCrunch toured Physical Intelligence’s main offices in January, where co-founder Sergey Levine simply conveyed the company’s ambitious goal: “Envision it as ChatGPT, but for robots.” At that juncture, the company had amassed slightly over $1 billion and employed around 80 individuals dedicated to developing versatile AI models capable of empowering robots to execute a broad spectrum of operations, from folding garments to peeling produce.
Co-founder Lachy Groom informed TechCrunch that the company currently has no set schedule for market introduction, an atypical stance that its investors seemingly do not object to. “There’s an endless capacity for the capital we can genuinely deploy,” Groom affirmed. He added, “One can always dedicate more computational power to the challenge.”
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