Figure AI CEO skips live demo, sidesteps BMW deal questions onstage at tech conference

Brett Adcock, the co-founder and CEO of Figure AI, a startup focused on humanoid robotics, made a notable appearance at the Bloomberg Tech conference on Thursday. Amid ongoing scrutiny regarding the company's partnership with the well-known automaker BMW, Adcock faced inquiries about the nature of this relationship, particularly whether it constitutes a pilot program or holds commercial significance. In response to the skepticism, Adcock emphasized the importance of utilizing robots on factory floors but refrained from divulging the specifics of the contract with BMW. "We derive significant value from this collaboration, as it's crucial for us to learn how to operate robots on a daily basis. We monitor their performance and track various metrics," he stated. Two months prior, Figure AI had released a YouTube video featuring its robots in action at a BMW facility. In a more promising development, Adcock revealed that the company has secured a contract with a second, currently unnamed client for initial deployment, which sources suggest could be UPS. Figure AI has garnered attention for its claims that its AI-driven robots can mimic human-like dexterity and handle objects with remarkable precision. Despite showcasing numerous videos of their robots, the company has yet to conduct a live demonstration. During the conference, Bloomberg's Ed Ludlow noted that while competitors like Agility Robotics and Boston Dynamics presented their robots, Figure AI chose not to participate in this manner. Adcock explained this decision by stating, "We generally avoid participating in many events as it seems like a significant waste of resources. To be candid, bringing a team and robots to such events takes away from their presence in our office where they could be more productive. We prefer to highlight our technology through video presentations." Looking ahead, Adcock confirmed that Figure AI aims to manufacture and deploy approximately 100,000 robots within the next four years. The company's efforts come at a time when it is attempting to raise $1.5 billion, valuing the firm at an impressive $39.5 billion—an increase from its previous valuation of $2.6 billion in February 2024. Additionally, TechCrunch reported that Figure AI has been sending cease-and-desist letters to secondary market brokers to halt unauthorized marketing of its shares.