Humanoid robot startup Apptronik has now raised $935M at a $5B+ valuation

Apptronik, a University of Texas spinout renowned for its development of humanoid robots, has successfully re-opened its Series A funding round, bringing in a remarkable total of $935 million. This funding milestone, announced on Wednesday, has raised the company’s post-money valuation to approximately $5.3 billion, a significant leap from its previous valuation of around $1.75 billion. Initially, Apptronik had announced a Series A round of $350 million last year. However, due to overwhelming demand, this was expanded to $415 million. The latest funding influx includes an impressive $520 million from existing investors such as Google, Mercedes-Benz, and B Capital, along with new financial backers. Despite appearances, the company clarifies that this is not merely selling off larger portions of equity; rather, investors are paying progressively higher amounts for shares with each round of funding. Interestingly, Apptronik has chosen to retain the Series A label, explaining that it is still in the early stages of development and had not actively sought out this funding. The company has been responding to a surge of inbound interest, which underscores the growing excitement surrounding its work in the field of embodied AI. This technology allows robots to perceive their surroundings and act based on reasoning rather than merely following pre-set instructions. The potential applications of Apptronik's humanoid robots are vast, ranging from unloading trailers to managing warehouse inventories and maintaining machinery. The company has garnered attention not only for its innovative technology but also for its partnerships with notable entities like Google DeepMind and Mercedes-Benz. Apptronik's journey in humanoid robotics dates back to 2013 when it participated in the NASA-DARPA Robotics Challenge with a robot named Valkyrie. Since then, the company has been collaborating with NASA to develop its own humanoid robot, Apollo, solidifying its status as a significant player in the robotics arena.