Editor's Note: This story has been corrected to reflect that FieldAI is planning to raise funds.
FieldAI is reportedly set to raise $700 million at a $10 billion valuation, nearly quintupling its $2 billion valuation in just over a year, as investors pour money into physical AI.
According to a Friday Business Insider report, it is not clear which venture capital firm is leading the round for the California-based robotics startup, which is building general robot intelligence for the physical world.
Revenue Momentum Backs the Valuation
The report, citing a person familiar with the deal, said FieldAI has added at least $35 million in revenue and customer contracts since June, bringing the total to more than $135 million.
FieldAI did not immediately respond to Benzinga's request for a comment.
"We have seen very, very fast growth in the last several months," CEO Ali Agha told Business Insider in June.
Big-Name Backers Set the Stage
Founded in 2023, FieldAI is developing what it describes as a "universal general-purpose brain" designed to power humanoid robots, robot dogs, drones and industrial rovers.
Last year, the company secured $405 million across two funding rounds at a $2 billion valuation
Backers for FieldAI included NVentures, the venture arm of Nvidia Corp.
A Race Among Well-Funded Rivals
The new valuation brings FieldAI closer to its main competitors. Physical Intelligence is valued at roughly $11 billion and Skild AI is valued at more than $14 billion.
Large technology companies are also moving in. Meta Platforms Inc.
A Tough Real-World Test
The valuation is a bet that FieldAI can make its robot brain work in unpredictable real-world settings, according to the Business Insider report. That is much more difficult than training a machine for a single task in a controlled environment, and it is a challenge that has long tripped up robotics companies.
A Citrini Research report published in September points to a similar gap. After meeting with robotics labs, engineers and investors in the San Francisco Bay Area, the researchers found that most humanoid robots remain in development, training, or tele-operated demonstrations. They said real-world deployments are generally closer to pilots than clear return-on-investment cases.
The report said basic humanoid locomotion is effectively a solved problem, while complex dexterity remains harder. It described "broad generalizability" as the longer-term goal.
Nvidia CEO Jensen Huang has repeatedly projected a $50 trillion total addressable market for humanoid robots and physical AI.
