Figure AI CEO Dodges BMW Questions at Tech Event
CEO Addresses Skepticism with Vague Responses
At Thursday’s Bloomberg Tech conference, Figure AI CEO Brett Adcock avoided direct answers about his company’s controversial partnership with automotive giant BMW. The humanoid robotics startup has faced scrutiny following reports questioning the actual scope and commercial viability of its BMW collaboration – so much so that Adcock previously threatened legal action against one publication.
The BMW Question Left Unanswered
When pressed about whether the BMW deal represents a true commercial partnership or merely a pilot program, Adcock provided only generalized responses about AI-powered robotics in manufacturing environments. “We get a lot of value, and it’s really important that we need to figure out how to run robots every day,” he stated, offering no specific details about the BMW agreement.
The company did release a YouTube video two months ago showing its robots performing tasks in a BMW facility, though critics have questioned whether this demonstrates meaningful deployment or simply staged testing.
New Customer Revealed (Indirectly)
While evasive about BMW, Adcock did confirm a second customer relationship, which multiple reports suggest is logistics giant UPS. “We’ve signed a contract with a second customer for initial deployment,” he revealed without naming the company.
Demonstration Dilemma
The conference became awkward when Bloomberg’s Ed Ludlow noted that competing firms Agility Robotics and Boston Dynamics brought physical robots to demonstrate, while Figure appeared only with promotional videos. “I think it’s a giant waste of time,” Adcock responded when asked about the absence of live demonstrations. “They could be at the office.”
Aggressive Growth Plans Amid Valuation Spike
Despite the questions surrounding its partnerships, Figure AI continues pursuing ambitious targets. The company reportedly seeks a $1.5 billion funding round at a staggering $39.5 billion valuation – fifteen times higher than its $2.6 billion valuation from early 2024.
Adcock stated the company plans to manufacture 100,000 robotic units within four years, though skeptics question whether current partnerships justify such projections.
Legal Troubles Brewing
Adding to the company’s challenges, TechCrunch reports Figure has been issuing cease-and-desist letters to secondary market brokers attempting to trade its shares without authorization. This comes as investor interest in pre-IPO AI and robotics startups reaches fever pitch.
The event highlighted the growing tension between Figure AI’s bold claims about its humanoid robotics technology and lingering doubts about commercial viability – questions CEO Adcock still hasn’t fully addressed regarding his company’s highest-profile automotive partnership.