Figure AI CEO Skips Demo, Avoids BMW Deal Questions

Figure AI CEO Addresses Skepticism and Future Plans

Brett Adcock, the co-founder and CEO of Figure AI, a company developing humanoid robots, recently participated in a public discussion at the Bloomberg Tech conference. This appearance followed several news reports that raised questions regarding the company’s advancements, particularly concerning its partnership with BMW.

Addressing Concerns About the BMW Partnership

Figure AI strongly contested the accuracy of at least one report, with Adcock publicly indicating a potential legal response. When questioned about the nature of the BMW relationship – whether it constitutes a pilot program or a commercially valuable arrangement – Adcock focused on the technical advantages of deploying robots within a manufacturing environment.

He explained that the collaboration provides invaluable opportunities for real-world testing and data collection. “We gain significant value, and it’s crucial for us to understand how robots function on a daily basis. We can assess their performance and monitor key metrics,” Adcock stated. A video released by Figure AI two months prior showcased its robots operating within a BMW factory setting.

Expanding Customer Base and Manufacturing Goals

Adcock also revealed that Figure AI has secured a contract with a second, currently unnamed client for initial robot deployment. Reports from Bloomberg suggest this customer is UPS.

Figure AI has garnered attention for its claims regarding the advanced capabilities of its AI-driven robots, specifically their human-like dexterity and precision in object manipulation. Despite releasing numerous demonstration videos, the company has yet to conduct a live, in-person demonstration of its humanoid robots.

Strategic Decisions Regarding Public Demonstrations

During the conference, Bloomberg’s Ed Ludlow noted that while competitors Agility Robotics and Boston Dynamics showcased their robots, Figure AI did not. Adcock explained this decision reflects the company’s overall philosophy.

“I believe attending many events is a considerable time commitment,” he said. “Frankly, bringing robots to these events requires diverting a team from their work in the office.” He emphasized that the company prioritizes showcasing its robots through video demonstrations.

Future Production and Valuation

Adcock confirmed Figure AI’s expectation to manufacture and deploy approximately 100,000 robotic units within the next four years.

Current skepticism surrounding the commercial aspects of Figure AI’s partnerships coincides with the company’s efforts to secure a $1.5 billion funding round, potentially valuing it at $39.5 billion. This represents a fifteenfold increase from the $2.6 billion valuation achieved in February 2024, as reported by sources at Bloomberg.

Addressing Unauthorized Share Marketing

In April, TechCrunch reported that Figure AI had issued cease-and-desist letters to secondary market brokers. These letters demanded that brokers halt the marketing of the company’s shares, as such marketing was not authorized by Figure AI.