Humanoid startup Apptronik raises $520 million with backing from Google and Mercedes-Benz

(Corrects to clarify the company ‌designs software, not ​robotic hands, ​in paragraph 10)

By Krystal Hu

Feb 11 (Reuters) - Humanoid robotics startup Apptronik raised $520 million in a funding round backed by investors including Google and Mercedes-Benz, the ‌company said on Wednesday, as it seeks to commercialize its robots for industrial ⁠use.

The round valued the Austin, Texas-based company at about $5 billion, a source familiar with the matter said. ‌B Capital and the Qatar Investment ‌Authority also participated in the so-called Series A extension, roughly a year after Apptronik raised $415 million.

Apptronik plans to use the fresh capital to develop new versions of its ​Apollo robot, ramp up production and expand its workforce beyond its current headcount of more than 300 employees. It is also planning a robot training and data collection ⁠facility in Austin and an office in California.

Chief Executive Jeff Cardenas said the company expects more deployments of humanoid robots ​in factories and warehouses this year and next.

The funding comes as companies race to develop human-like robots for industrial work; Tesla and Nvidia-backed ​Figure AI are trying to build and deploy ‌humanoids at scale. Figure AI was recently valued at $39 billion.

Apptronik is initially targeting manufacturing and logistics customers and has commercial agreements with Mercedes-Benz ⁠and GXO Logistics. Over the longer term, it is seeking to expand into assisted care and home-use applications.

Its humanoid Apollo has both legs and wheels to navigate industrial environments. Apptronik says human-scale robots ⁠can access existing workstations and shelving, potentially replacing some task-specific industrial machines over time.

The company is also deepening ​its partnership with Google DeepMind, which co-develops the Gemini-based artificial intelligence models for the Apollo platform. Apptronik provides the hardware and real-world training data from its deployments, Cardenas said.

Founded in 2016 as a ‌spinout from the University of Texas, Apptronik traces its origins to early work on NASA's Valkyrie humanoid robot program.

Howard Morgan, a general partner ‌at B Capital, said the company has a competitive advantage in the software design for robotic ⁠hands and has built a sizable ‌commercial order pipeline.

"The valuation relative ​to its potential is more attractive than some of its peers," Morgan said in an interview.

(Reporting by Krystal Hu in San Francisco; Editing by ‌Thomas Derpinghaus)

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Ukraine parliament fails to pass parcel tax law tied to IMF, EU funding
• Analysis-Venezuela’s Maduro to test US courts' reluctance to apply international law in criminal cases
• Analysis-Private sector steps up as India's growth engine broadens