Figure AI Inc., backed by OpenAI and Microsoft Corp., is in the process of raising approximately $675 million in a funding round, boasting a pre-money valuation of around $2 billion, according to individuals familiar with the matter who preferred to remain anonymous due to the private nature of the information. Jeff Bezos, through Explore Investments LLC, has pledged $100 million, while Microsoft is contributing $95 million. Nvidia and an Inc.-affiliated fund are each chipping in $50 million.

The AI industry is increasingly focusing on robots as a pivotal frontier, enabling the application of advanced technology to real-world tasks. At Figure AI, engineers are dedicated to creating a robot, named Figure 01, that closely resembles human appearance and movement. The company envisions its machine capable of undertaking hazardous tasks unsuitable for humans, addressing labor shortages with its cutting-edge technology.

Other technology giants are also part of this venture. Intel Corp.'s venture capital arm is investing $25 million, LG Innotek is contributing $8.5 million, and Samsung’s investment group is committing $5 million. Additional backing comes from venture firms Parkway Venture Capital ($100 million) and Align Ventures ($90 million).

Participating investors also include the ARK Venture Fund ($2.5 million), Aliya Capital Partners ($20 million), Tamarack ($27 million), Boscolo Intervest Ltd. ($15 million), and BOLD Capital Partners ($2.5 million). OpenAI, initially considering acquiring Figure, is now investing $5 million.

The funding round, initially seeking $500 million, surpassed expectations, with the total reaching $675 million. While representatives for Figure and its investors have refrained from commenting, individuals familiar with the matter anticipate that formal agreements and fund wiring will occur on Monday. The $2 billion valuation is pre-money, excluding the capital Figure is raising.

In May of the previous year, Figure secured $70 million in a funding round led by Parkway. Brett Adcock, CEO of Figure, expressed the company's ambition to be among the pioneers bringing to market a humanoid capable of performing practical and commercial activities.

The AI robotics sector has witnessed increased activity, with OpenAI-backed Norwegian startup 1X Technologies AS securing $100 million. Sanctuary AI in Vancouver is working on a humanoid robot named Phoenix, and Tesla Inc. is actively developing a robot called Optimus, described by Elon Musk as one of his significant projects. Agility Robotics, supported by Amazon in 2022, is testing bots at one of the retailer’s warehouses. Jeff Bezos, the world’s second-richest individual, was Amazon’s CEO until 2021 and currently serves as chairman, with an estimated net worth of $197.1 billion, according to the Bloomberg Billionaires Ranking.