Physical Intelligence is said to be in talks to raise $1 billion, again

Physical Intelligence, a two-year-old San Francisco robotics startup, is in talks to raise $1 billion at a valuation of more than $11 billion, according to Bloomberg. The deal would double the company’s $5.6 billion valuation in just four months.

Founders Fund is expected to participate with Lightspeed Venture Partners also in talks to invest alongside backers Thrive Capital and Lux ​​Capital, Bloomberg reported. The deal is still in its early stages and details are subject to change, the dealer said.

Results TechCrunch visited the headquarters of Physical Intelligence in January, when co-founder Sergey Levine described the company’s ambitions simply: “Think of it as ChatGPT, but with robots.” At the time, the company had raised $1 billion in funding and employed about 80 people working on building AI models that could make robots do a variety of tasks, from folding clothes to raking leaves.

Co-founder Lachy Groom told TechCrunch that the company doesn’t have any advertising time, an unusual feature that its advertisers don’t seem to care about. “There’s no limit to how much money we can spend,” Groom said. “There are always more counters you can solve.”