Apptronik, a Texas-based robotics startup, secured $350 million Series A funding on Thursday to expand production of AI-powered humanoid robots.
The investment was led by B Capital and Capital Factory and with additional support from Google, CEO Jeff Cardenas shared it in an exclusive Squawk Box interview. Apptronik previously raised $28 million and is currently working on the deployment of Apollo, a humanoid robot designed for industrial use.
The funding is one of the growing list of humanoid robot startups that Apptronik has attracted the attention of major investors. Earlier last year, Diagram AI, which is building a general-purpose humanoid robot, raised $675 million from investors, including Jeff Bezos and Nvidia, bringing its valuation to $2 billion ahead of the round.
The latest funding will help companies expand their robotics development and target industries such as manufacturing and healthcare. According to Cardenas, robots first train separately from humans on repetitive tasks before being integrated into daily tasks.
Founded in 2016 by Jeff Cardenas (CEO), Nicholas Payne and Bill Helms, Apptronik emerged from the Human Center Robotics Lab at the University of Texas at Austin and in early 2016, the next generation aimed at converting. It was launched with the mission to develop robots. Daily life and work.
The company builds a wide range of robotic systems, including exoskeletons, humanoid torso, bipedal mobility platforms, and robotic arms that can lift above their own weight. Apollo has reached its peak with years of research and development. This describes Apptronik as the most advanced humanoid robot ever.
“What’s happening in robotics is robots, with the power of AI and it’s much more versatile,” Cardenas told CNBC. “Now, we’re going to bring these robots out into the world in a rather large way, expanding in the future and going home in the future.”
Apptronik Team
Apptronik is already working with NASA and Nvidia to advance robotics technology. Over the years, the company has developed 15 robotic systems, including NASA’s humanoid robot Valkyrie.
“The target price has been working for many years as these robots are lower than the price of cars. We are working on the ninth iteration of human robots,” Cardenas says. “These robots will become much more affordable over time.”
The company is also working with Google DeepMind to improve AI to enhance its robotic systems.
Tesla also actively moved to the humanoid robot space with Tesla Optimus. Goldman Sachs estimates that the global market for humanoid robots could reach $38 billion by 2035.
“I think we’re right there in the race,” Cardenas said. “What this round represents is that investors really stand out and I think there’s a real shot in winning this race.”
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