Field AI Robotics Startup Skyrockets to $2B Valuation, Backed by Gates and Bezos
Robotics startup Field AI has successfully raised a whopping $405 million across two consecutive funding rounds. This has catapulted the company to a $2 billion valuation, thanks to the backing from high-profile investors such as Bill Gates’ Gates Frontier, Jeff Bezos’ family office, and Nvidia’s venture capital arm.
Based in Irvine, California, the two-year-old company is at the forefront of developing AI models that control robots across a variety of industries. These include construction, energy, and logistics. The company’s CEO, Ali Agha, a former researcher at NASA Jet Propulsion Laboratory, expressed that the funding comes at an “aha moment”. This is a time when robotics hardware and software are reaching a significant inflection point.
The technology that Field AI has developed, known as Field Foundation Models, allows robots to operate autonomously in dynamic environments. This is achieved without the need for GPS or pre-mapped routes. The company has already made significant strides by deploying robots across Japan, Europe, and the U.S., generating millions in revenue. The startup’s team boasts of veterans from industry leaders such as DeepMind, SpaceX, Tesla Autopilot, and Amazon.
The funding round was reportedly oversubscribed, attracting investors including Intel Capital, Khosla Ventures, Temasek, among others. Field AI has plans to utilize the capital to scale operations and meet the growing customer demand in the rapidly expanding robotics market.
Source: CNBC