Physical Intelligence, a San Francisco-based robotics startup established two years ago, is in talks to secure about $1 billion in new funding, potentially valuing the company at over $11 billion, as reported by Bloomberg. This move could effectively double its valuation of $5.6 billion within four months.
Founders Fund is expected to join, with Lightspeed Venture Partners also considering investment alongside existing supporters Thrive Capital and Lux Capital, according to Bloomberg. The discussions are in the early phases and details might change.
TechCrunch visited Physical Intelligence’s headquarters in January, where co-founder Sergey Levine expressed the company’s goal: “Think of it like ChatGPT, but for robots.” At that time, the company had raised over $1 billion with about 80 employees developing AI models for robots to execute diverse tasks, such as laundry folding and vegetable peeling.
Co-founder Lachy Groom informed TechCrunch that the company has no set timeline for commercialization, an aspect that doesn’t bother its investors. “There’s no limit to how much money we can really put to work,” Groom stated. “There’s always more compute you can throw at the problem.”