Physical Intelligence, a robotics startup based in San Francisco that has been operating for two years, is reportedly engaged in discussions to secure approximately $1 billion in new funding at a valuation projected to exceed $11 billion, as stated by Bloomberg. If successful, this deal would effectively double the company’s valuation from $5.6 billion within a span of just four months.
Participation in this financing round is expected from Founders Fund, with Lightspeed Venture Partners also initiating discussions to invest alongside returning investors Thrive Capital and Lux Capital, according to Bloomberg. It is important to note that the negotiations are still in their preliminary stages, and specifics may evolve as discussions progress.
Earlier this year, representatives from TechCrunch visited Physical Intelligence's headquarters, where co-founder Sergey Levine articulated the company’s vision, saying, “Think of it like ChatGPT, but for robots.” At that time, the startup had successfully raised just over $1 billion and had a workforce of approximately 80 individuals dedicated to developing general-purpose AI models capable of enabling robots to perform a variety of tasks, such as folding laundry and peeling vegetables.
Co-founder Lachy Groom emphasized that the company does not have a set timeline for commercialization, a stance that appears to be acceptable to its investors. “There’s no limit to how much money we can really put to work,” Groom commented. “There’s always more compute you can throw at the problem.”
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