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The Big One: Human-like robots coming to a workplace near you
If you thought the future would resemble the TV show "The Jetsons," you're probably wondering where everyone's flying cars are. But one element of "The Jetsons" is becoming an increasingly prominent piece of our lives: Rosie the Robot.
Humanoid robots, like Rosie, have been around for decades but are seeing accelerated development from tech firms as artificial intelligence makes these human-like bots more powerful and useful — from doing work on the factory floor to folding laundry.
Venture funding for such startups is on the rise, fueled by a $675 million fundraising round from Figure AI in February. Figure AI's humanoid robot is designed for commercial operations and already has a deal with BMW to explore potential use cases for its robots in the carmaker's factories. Figure's backers include a who's who of tech titans, including OpenAI, Nvidia, Microsoft and Amazon founder Jeff Bezos.
Figure isn't the only AI-powered humanoid robot under development. Tesla announced in December the launch of its latest "general purpose" human-like robot, Optimus Gen 2, which aims to complete tasks for humans that are "unsafe, repetitive or boring."
Other humanoid robots include Digit, a robot from startup Agility Robotics that's currently working with Amazon to test its humanoid robot in warehouses. Austin, Texas, startup Apptronik last year unveiled Apollo, a humanoid robot that can lift up to 55 pounds. Its primary function so far is moving boxes around in warehouses.
These robots, with their human-like faces and dexterous fingers, are becoming an increasingly common occurrence in the workplace alongside their human counterparts. And the market for humanoid robots is expanding quickly. A recent report from Goldman Sachs said the market for humanoid robots is projected to reach $38 billion by 2035, which is up more than sixfold from Goldman's own projections just one year ago.
Advancements in AI and the increased affordability of robot components have accelerated the timeline, the report said. There could be more than 250,000 humanoid-robot shipments in 2030, Goldman's researchers said, mostly in industrial sectors.
READ MORE: Startups building next-generation humanoid robots see influx of investment
Startups to Watch
- Cloverleaf, a Cincinnati startup that offers automated-coaching technology for workers and teams, has secured a $7.3 million Series A extension round. It integrates into systems teams already use, including Google Workplace, Microsoft 365 and Slack, and sends personalized coaching tips to improve collaboration and retain high-performing employees, Cincy Inno reports.
- Pittsburgh startup Gather AI announced a $17 million Series A-1 funding round led by Bain Capital Ventures. The company uses deep learning artificial-intelligence software and autonomous drones to scan and itemize warehouse inventory, Pittsburgh Inno reports.
- After 22 years in business, a Golden, Colorado-based quantum firm recently raised its first round of outside capital. Vescent, which manufactures devices to enable the commercialization of quantum technology, closed a $5 million seed round. It manufactures frequency combs, lasers and controls. Vescent primarily sells these devices to scientists and research labs, including NASA, Colorado Inno reports.
- Bellevue, Washington-based artificial-intelligence startup OpenPipe has raised $6.7 million in seed funding. The company fine-tunes large language models, like ChatGPT, to fit the specific needs of its clients. OpenPipe lists Volvo and Rakuten as customers, Seattle Inno reports.
- After entering the "Shark Tank" and coming away with a deal in 2014, Chicago startup Packback pivoted away from its original concept as an online textbook platform to artificial-intelligence software for college courses. Its AI-powered platform offers digital-writing assistants to students and support to make grading easier for educators. It recently announced a strategic investment from equity firm PSG, Chicago Inno reports.
SBF sentenced to 25 years for crypto fraud
Sam Bankman-Fried, once the head of a cryptocurrency empire worth over $30 billion, has been sentenced to 25 years in prison for fraud Thursday, Bay Area Inno reports.
Last year, a New York jury found Bankman-Fried guilty of fraud related to his handling of customer funds at FTX, the cryptocurrency exchange he founded and once helmed. He was found to have used customer money to paper over failed bets at FTX's sister company hedge fund Alameda Research.
Federal judge Lewis Kaplan said the sentencing was based on Bankman-Fried's "brazenness," "exceptional flexibility with the truth" and "apparent lack of any remorse."
Prosecutors of the case were looking for around 40-50 years, calling it one of the greatest financial frauds in U.S. history, while the defense team was pleading for less than 6.5 years.
READ MORE: Sam Bankman-Fried sentenced to 25 years in prison for fraud
Cameo's valuation drops as it raises new cash
Cameo, an app for buying celebrity video shoutouts, saw a huge boost during the Covid-19 pandemic and raised funding at a $1 billion valuation in 2021. Since then, it's gone through multiple rounds of layoffs as its business struggled.
Now, it's raising new funding ($25 million so far out of a $28 million round), and at a much lower valuation, Chicago Inno reports. The new funding values the company at less than $100 million, reported The Information.
Cameo CEO Steven Galanis said the company is now profitable and has "been growing for the last eight months," and the new funding "sets us up extremely well in both the short term and long term."
READ MORE: Cameo raising $28 million in new funding after difficult 2023
Weird and Wired: This high-tech basketball gym wants to up your game
The basketball gym of the future wants to treat shooting hoops like a video game.
Shoot 360, a gym franchise based in Beaverton, Oregon, has developed technology to track a basketball’s movement on the court. It allows players to shoot from anywhere within the three-point line and receive real-time coaching on a screen above the rebound machine. The tech also tracks the arc of a ball, how far back in the hoop it lands relative to the rim and how far left or right the ball is from the rim.
From there, the technology gives pointers to players via an artificial intelligence-generated voice and live stats on a screen above the rebound machine.
READ MORE: How Beaverton basketball gym uses technology to help players up their game
