Figure AI co-founder and CEO Brett Adcock made a rare public appearance at the Bloomberg Tech conference, where he discussed his company’s progress in developing humanoid robots for manufacturing.
Company Progress and Challenges
Adcock’s comments come as Figure has been under scrutiny due to concerns about its progress with marquee customer BMW. Two months ago, the company published a YouTube video showcasing its robots working in a BMW factory. However, despite this demonstration, Figure has yet to conduct a live demonstration of its technology.
In contrast to other robotics companies that showcased their technology at the conference, such as Agility Robotics and Boston Dynamics, Figure chose not to do so. The interviewer noted this absence during Adcock’s appearance.
Future Prospects
Despite these concerns and the lack of live demonstrations, Figure remains optimistic about its future prospects. According to Adcock, the company expects to manufacture and deploy approximately 100,000 units within four years.
Industry Context
Figure AI is one of several startups working on humanoid robots designed for manufacturing tasks such as welding or assembly work. These robots are intended for use in factories where they can perform tasks that require dexterity but don’t need human-level intelligence or vision capabilities. The development of these types of robots could potentially disrupt traditional manufacturing processes by:
- Increasing efficiency
- Reducing labor costs associated with hiring workers for complex tasks requiring manual dexterity
Focus on Product Delivery
Adcock emphasized that his company is focused on delivering products rather than just demonstrating them through pre-recorded videos. He highlighted the importance of moving beyond mere showcases to actual deployment.
Insights from Other Robotics Leaders
The lack of live demonstrations from other companies like Agility Robotics was also notable, given their focus on similar applications for their own robot designs.
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Damion Shelton, founder of Agility Robotics, mentioned that he believes there will be “a lot more” opportunities for robotics startups once they have proven themselves capable with smaller-scale deployments before scaling up production volumes.
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Robert Playter, chief executive of Boston Dynamics, expressed optimism about future prospects despite current challenges facing robotics startups. He believes there will be “a lot more” opportunities available once larger corporations begin investing more heavily into automation technologies.
Investor Sentiment
However, it remains unclear whether investors will continue supporting these types of projects if they fail to deliver results quickly enough. Investors have already shown skepticism towards some robotics startups after disappointing performances from publicly traded peers, such as Nuro Inc., which went public earlier this year via SPAC merger but has since seen significant declines in stock price following weak quarterly earnings reports.
Despite these challenges, Figure AI appears committed to its long-term goals, including plans to manufacture and deploy over 100,000 units within four years, as stated by Adcock during the Bloomberg Tech conference.
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