Physical Intelligence is reportedly in talks to raise $1 billion again

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

Founders Fund is also set to engage with Lightspeed Venture Partners in talks to invest alongside returning backers Thrive Capital and Lux ​​Capital, Bloomberg reported. The outlet noted that the deal is still in its early stages and details may change.

TechCrunch visited Physical Intelligence’s headquarters in January, where co-founder Sergey Levin described the company’s ambition simply: “Think of it like ChatGPT, but for robots.” At the time, the company had raised just over $1 billion and employed about 80 people working to build general-purpose AI models that could power robots to perform a wide range of tasks, from folding laundry to peeling vegetables.

Co-founder Lachy Groom told TechCrunch that the company has no timeline to market, an unusual situation that its investors don’t seem to mind. “There’s no limit to how much money we can actually put to work,” Groom said. “There’s always more computing you can use to solve a problem.”