Headline: Google Invests in Humanoid Robot Race with $350 Million Funding Round
Introduction:
The competition in developing humanoid robots is intensifying, and Google is determined to stake its claim. Apptronik, a leading player in the industry, announces a substantial Series A funding round of $350 million.
Investment Details:
The funding round is co-led by B Capital and Capital Factory, with participation from Google (GOOG, GOOGL). This investment marks a significant leap from Apptronik's previous funding round of $28 million.
Company Overview:
Founded in 2016, Apptronik has made significant strides in the development of humanoid robots. Its flagship product, "Apollo," utilizes Nvidia (NVDA) GPUs and focuses on industrial and manufacturing applications.
Growth Plans:
The influx of funding will enable Apptronik to scale up production and drive its humanoid robots into commercial settings. The company has already secured partnerships with GXO Logistics (GXO) and Mercedes-Benz (MBG.DE, MBGAF).
Industry Outlook:
Tesla (TSLA) CEO Elon Musk's emphasis on the Optimus humanoid robot has brought widespread attention to the rapidly growing industry. Citi research projects the potential market for humanoid robots to reach $209 billion by 2035 and a staggering $7 trillion by 2050.
Apptronik's Vision:
Apptronik CEO Jeff Cardenas envisions the future of humanoid robots extending beyond industrial applications into healthcare and eldercare settings.
Other Notable Players:
Besides Apptronik, over 50 companies are actively developing humanoid robots. Notable players include Alfie (Prosper Robotics) and Kime (Macco Robotics).
Expert Perspective:
Rob Garlick of Citi Global Insights emphasizes the transformative nature of humanoid robotics, transitioning from science fiction to a nascent industry with substantial potential.