Google-backed robotics start-up raises $350M to rival Tesla's Optimus
What's the story
Apptronik, a leading start-up in the humanoid robot industry, has successfully raised $350 million in a Series A funding round.
The round was co-led by B Capital and Capital Factory, with significant participation from Google's parent company, Alphabet.
The massive investment marks a significant increase from Apptronik's previous funding round of $28 million.
However, the company has not disclosed its valuation after the latest capital injection.
Future prospects
Apptronik's plans for humanoid robot production
Apptronik CEO Jeff Cardenas sees this funding round as a watershed moment for the industry.
He said the newly acquired funds will be used to ramp up production and bring the company's humanoid robots into commercial environments.
Founded in 2016, Apptronik is famous for its humanoid robot "Apollo," which leverages NVIDIA GPUs and is mainly designed for industrial and manufacturing applications.
Strategic partnerships
Apptronik secures commercial agreements for Apollo
Apptronik has already signed commercial agreements with GXO Logistics and Mercedes-Benz for Apollo.
These partnerships are focused on improving operational efficiency across different industrial environments.
Eventually, Cardenas hopes to expand Apptronik's humanoid robots into healthcare and eldercare domains, showcasing the company's vision to expand its market presence.
Market forecast
Humanoid robot market projected to reach $7 trillion by 2050
The humanoid robot industry is booming, with Tesla CEO Elon Musk emphasizing the possibilities of his company's new Optimus humanoid robot.
A recent Citi study suggests there could be as many as 648 million humanoid robots in operation by 2050.
The robots' total addressable market (TAM) could reach $209 billion by 2035 and skyrocket to an unbelievable $7 trillion by mid-century.