Physical Intelligence, a two-year-old robotics startup based in San Francisco, is in discussions to raise approximately one billion dollars in new funding. This round would value the company at over eleven billion dollars, according to reports. The deal would effectively double the company’s previous valuation of five point six billion dollars from just four months ago.
Founders Fund is set to participate in the funding round. Lightspeed Venture Partners is also in talks to invest alongside returning backers Thrive Capital and Lux Capital. The deal is reported to still be in early stages, and details could change.
In a recent visit to the company’s headquarters, co-founder Sergey Levine described the company’s ambition simply by stating, “Think of it like ChatGPT, but for robots.” At that time, the company had raised just over one billion dollars and employed about 80 people. Their work focuses on building general-purpose AI models designed to power robots for a wide variety of tasks, ranging from folding laundry to peeling vegetables.
Co-founder Lachy Groom stated the company has no set timeline for commercialization, an unusual posture that its investors do not seem to mind. Groom explained that there is no limit to how much money the company can productively use, noting there is always more computing power that can be applied to the problem.