This humanoid robotics company is going public, but its CEO isn’t promising a robot in your home anytime soon
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techcrunch.comSummary
The humanoid robotics market is awash in money right now. Last week, AI2 Robotics, a Shenzhen-based startup that makes wheeled humanoid robots, raised roughly $735 million at a nearly $3 billion valuation. Earlier this year, Apptronik, an Austin-based maker of humanoid robots for manufacturing and logistics, closed a $935 million funding round valuing the company at more than $5.5 billion . Last fall, Figure AI, a San Jose-based startup developing general-purpose humanoid robots, self-reported that it closed on $1 billion in Series C funding at an eye-popping $39 billion valuation . By comparison, Peggy Johnson, CEO of Agility Robotics, is surprisingly measured. We spoke by phone last week, just after the company announced plans to go public through a merger with Michael Klein’s Churchill Capital Corp XI, a special purpose acquisition company, or SPAC. The deal values Agility at around $2.5 billion and is expected to raise more than $620 million in gross proceeds, the largest capital raise in humanoid robotics history. It hasn’t closed yet; the merger still needs shareholder approval and SEC review, and is expected to be completed later this year. Agility was founded in 2015 as a spinoff from Oregon State University. Based in Salem, Oregon, the company makes bipedal humanoid robots designed to work in warehouses and factories.
From the source
While other humanoid startups chase sky-high valuations, Agility Robotics is betting its future on execution — and a SPAC.
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