Physical Intelligence, a two-year-old San Francisco robotics startup, is in talks to raise nearly $1 billion in new funding at a valuation of more than $11 billion. according to bloomberg. The deal will effectively double the company’s $5.6 billion valuation in just four months.
Founders Fund is also set to participate in talks to invest alongside Lightspeed Venture Partners, alongside returning backers Thrive Capital and Lux Capital, Bloomberg reports. The outlet reported that the deal is still in the early stages and details are subject to change.
techcrunch Visited the Headquarters of Physical Intelligence in January, where co-founder Sergei Levin described the company’s ambition simply: “Think of it like ChatGPT, but for robots.” At the time, the company had raised just over $1 billion and employed about 80 people to build general-purpose AI models that could power robots to perform a variety of tasks, from washing clothes to peeling vegetables.
Co-founder Lachie Groom told TechCrunch that the company has no timeline for commercialization, an unusual situation about which its investors have no objections. “There’s no limit to how much money we can really put to work,” Grooms said. “You can always calculate more on a problem.”
