Humanoid Robot Race Heats Up with Apptronik's $350 Million Funding Led by Google
Apptronik, a leading humanoid robot developer, has secured a substantial $350 million Series A funding round, co-led by B Capital and Capital Factory, with participation from Alphabet-owned Google.
Founded in 2016, Apptronik specializes in "Apollo," a humanoid robot designed for industrial and manufacturing use cases. The company has already secured commercial agreements with GXO Logistics and Mercedes-Benz.
Apptronik's latest funding will enable it to scale production and deploy its robots in various commercial settings. The industry is poised for significant growth, with Citi predicting 648 million humanoid robots in use by 2050. The potential market size is estimated to reach $209 billion by 2035 and $7 trillion by 2050.
Tesla CEO Elon Musk's emphasis on his company's Optimus humanoid robot has further fueled interest in this emerging field. Over 50 companies worldwide are developing working humanoid robots, including Alfie from Prosper Robotics and Kime from Macco Robotics.
Rob Garlick, head of innovation, technology, and future of work at Citi Global Insights, believes the humanoid robot industry is on the cusp of a major breakthrough.
This announcement underscores Google's commitment to the humanoid robot space, as part of a broader trend of technological advancements driving the future of work.