Physical Intelligence Seeks $1 Billion in New Funding

Physical Intelligence is in negotiations to raise at least $1 billion in funding at a valuation of approximately $20 billion. Existing backers Avenir and Lux Capital are in talks to lead the round. The startup was previously valued at $11.5 billion earlier this year.

Founded in 2024 by former Google DeepMind researchers and academics from Stanford University and the University of California, Berkeley, the company currently generates no revenue. Investor interest has increased following the beta launch of a feature that allows outside developers to use and tailor its robotics models.

The company develops AI software compatible with various hardware and motions, positioning itself as a competitor to OpenAI, Tesla, and Skild AI.