1X Secures $100M in Series B to Boost Humanoid Robotics Development

The pursuit of the ultimate humanoid robot is shaping up to be one of the key narratives in technology for 2024. The previous year saw significant advancements in the field as major companies like Tesla, Apptronik, and Figure revealed their take on humanoid systems, and Agility made strides by initiating a warehouse trial with e-commerce giant Amazon.

Gaining Momentum in the Humanoid Race

The Norwegian company 1X, signified by a distinctive combination of a number and a letter, has joined these technological frontrunners yet hasn't garnered as much attention. The surprise comes on the heels of their April funding announcement, where they raised $23.5 million. In this funding race, the backers behind the investment attract more attention than the amount raised itself.

While Tiger Global's contribution was significant, the headline-grabber was the involvement of OpenAI as the lead investor, known for its influential role in the explosive growth of generative AI—an area likely to have a substantial impact on the future of robotics.

1X's Groundbreaking Series B Funding

In a recent buzzworthy move, 1X announced a massive increase in their funding, securing a $100 million Series B, nearly four times their previous round. OpenAI, while pivotal in the previous round, has been overshadowed by EQT Ventures leading this latest investment. This inflow elevates 1X's total funds to an impressive $125 million.

At the core of 1X's ambition is NEO, a humanoid robot aimed at addressing global labor shortages by operating in environments designed by humans for human use. This rationale aligns with what many in the industry are striving for with their robotic innovations.

Meeting Skepticism with Innovation

Despite the progress, there is skepticism surrounding humanoid robots. Critics argue these systems may be too complex or that genuinely multipurpose robots are further from reality than the industry suggests. However, the potential of generative AI could propel these developments and address such concerns by enhancing the robots' functionality.

Investing in People and AI

1X CEO Bernt Øivind Børnich offered a sincere insight into the company's plans with the fresh capital. For the first time, they are in a position to reward the team whose dedication has been essential for the company's achievements. Additionally, the funds are earmarked for further developing the company's capabilities in Embodied AI and pushing NEO to the market.

humanoid, robotics, funding