Ali Javaheri

Associate Analyst, EMERGING SPACE BRIEF

Humanoid Robotics
Emerging Technology
[email protected]

Originally published on January 12, 2024

[email protected]

Trending companies Overview

Companies specializing in humanoid robotics design and develop robots that mimic
human appearance and behavior. They focus on features such as bipedal movement,
object handling, facial recognition, and social interaction. Their interdisciplinary
work blends mechanical engineering, computer science, AI, and materials science to
build advanced robotic systems.

Background
Humanoid robots have captivated human imagination for millennia. Ancient
Humanoid robotics civilizations such as the Egyptians and Greeks envisioned “automata”: self-operating
VC deal activity objects made of metal or stone. Historical figures such as the Muslim inventor
Ismail al-Jazari created early prototypes;1 his robotic beverage server is said to have
27
25 influenced Leonardo da Vinci’s robotic experiments. Since then, robots have woven
23 23 their way into science fiction and popular culture, emerging as iconic figures that
20
are either adored or feared, transforming into mass-produced toys, and remaining a
13 constant source of intrigue.

In a landmark event in 2017, Saudi Arabia awarded citizenship to Sophia, a humanoid

robot with realistic skin and a neural-network-based interface. Despite such
$79.6

groundbreaking developments and over $4.6 billion invested, the widespread

$292.7
$913.8

$524.1

$393.1
$327.1

integration of humanoid robots into everyday life still appears to be a distant reality.
Functional prototypes generate much buzz on social media, but humanoid robots
2018 2019 2020 2021 2022 2023* have only just been introduced in industries such as hospitality, warehousing,
Deal value ($M) Deal count and healthcare. Future adoption will depend on savvy business models and cost-
effective decision-making by technology strategists.
Source: PitchBook • Geography: Global
*As of December 18, 2023

1: “Ancient Discoveries Islamic Science Part1,” YouTube, uploaded by shazpk, July 24, 2008.

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 Emerging Space Brief: Humanoid Robotics

Technologies and processes

Robotics in general involves a complex network of systems that interact with one
another to produce a fully autonomous machine.

• Mechanics and kinematics

- Structure: The structure of humanoid robots resembles a human skeleton,
complete with a head, a torso, arms, and legs. This structure is essential for
replicating the human form and facilitating complex movements.
- Actuators, motors, and dexterity: These components are vital for emulating
human muscle functions, enabling humanoid robots to perform intricate
tasks such as gripping, lifting, and manipulating objects with precision.
- Bipedal locomotion: Advanced systems enable humanoid robots to walk, run,
and maintain balance, mirroring human mobility and agility, which is crucial
for navigating diverse environments.

• Control systems
- Microcontrollers and processors: Serving as the robot’s brain, these
elements are responsible for autonomous, real-time input processing
and decision-making, which is crucial for the robot’s self-governance and
intelligent behavior.
- Software algorithms and feedback loops: These are integral for dynamic
response to external stimuli, facilitating planning, balance control, and
adaptive decision-making to ensure that the robot can interact smoothly and
safely with its surroundings.

• Sensors and perception

- Computer vision systems: Cameras and image-processing technologies
enable humanoid robots to recognize objects and navigate spaces, mimicking
human visual perception.
- Environmental sensors: Technologies such as ultrasonic, infrared, and lidar
provide essential spatial awareness, allowing the robot to understand and
adapt to its environment.
- Tactile sensors: These sensors detect touch and pressure, which is crucial
for delicate and precise object handling and enhances the robot’s interaction
with physical objects.

• Artificial intelligence & machine learning (AI & ML)

- Cognitive computing and learning algorithms: These systems allow
humanoid robots to imitate human thought processes, problem-solving, and
decision-making and continually improve through feedback and learning.
- Natural language processing: This technology enables robots to understand
and generate human language, facilitating seamless communication between
humans and robots.

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 Emerging Space Brief: Humanoid Robotics

• Human-robot interaction
- Speech recognition and synthesis: These features enable effective verbal
communication, allowing humanoid robots to understand spoken commands
and respond in kind.
- Gesture and facial-expression recognition: This enhances nonverbal
communication capabilities, making interactions with humans more intuitive
and natural.
- Emotion detection and response: By recognizing and responding to human
emotions, humanoid robots offer more empathetic and context-aware
interactions, improving their effectiveness in social environments.

Power and energy management: In humanoid robotics, efficient power and energy
management is crucial for ensuring longevity and optimal performance. Advanced
battery technologies and energy-efficient designs are pivotal in enabling these
sophisticated machines to operate effectively over extended periods, making them
more practical and viable for a range of applications.

Materials and fabrication: The choice of materials and fabrication methods plays
a critical role in the development of humanoid robots, directly impacting their
durability, safety, and functionality. Utilizing lightweight yet durable materials,
alongside cutting-edge techniques such as 3D printing, allows for the creation of
robots that are not only robust and adaptable to various environments but also safe
for close human interaction.

Applications
Healthcare: In the healthcare sector, humanoid robots such as Fourier Intelligence’s
GR-1 bot are making their debut, specifically targeting rehabilitative therapy and
assistance for the elderly. 2 With their ability to emulate human interactions and
actions, these robots are progressively being integrated into patient care and
rehabilitation processes, serving as a supplementary aide to medical professionals.

Education: In educational settings, humanoid robots may serve as interactive tools,

aiding in teaching various subjects, language learning, and special education. Their
interactive capabilities can offer a novel approach to student engagement.

Customer service: In customer service, humanoid robots are being used for tasks
such as greeting customers, providing information, and assisting in navigation in
environments like retail stores, hotels, and airports. Their ability to interact with
humans in a relatable way can enhance customer experiences.

Entertainment: The entertainment industry sees humanoid robots as potential

performers or interactive elements in theme parks, exhibitions, and stage shows.
Their unique presence can add a novel aspect to entertainment experiences.

2: “GR-1 General-Purpose Humanoid Robot Will Carry Nearly Its Own Weight,” New Atlas, Loz Blain, July 13, 2023.

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 Emerging Space Brief: Humanoid Robotics

Search and rescue operations: Humanoid robots are also being considered for
search and rescue missions, especially in environments that are unsafe for or
inaccessible to humans. Their ability to navigate difficult terrain can be valuable in
emergency situations.

Domestic assistance: For domestic use, humanoid robots are being developed to
assist with chores, home security, and companionship, particularly for individuals
who require additional assistance at home.

Manufacturing and heavy industry: In the manufacturing sector, humanoid

robots are being introduced as collaborators, as seen with Amazon’s use of Digit
robots in its warehouses. 3 These robots are capable of working in tandem with
human employees, particularly in tasks demanding a degree of dexterity and
decision-making, where traditional robots typically fall short. Their application in
environments like Amazon’s warehouses exemplifies the potential of humanoid
robots to enhance efficiency in complex industrial settings.

Limitations
Despite their technological advancements, humanoid robots face several limitations
that impact their widespread adoption. One of the primary challenges is cost;
developing and manufacturing humanoid robots can be prohibitively expensive due
to the complexity of their design and the advanced technology required. Advanced
humanoid robots can cost anywhere from $20,000 to over $1 million, depending on
their capabilities and applications. This high cost limits their accessibility, especially
for small businesses or personal use. Additionally, humanoid robots often struggle
with energy efficiency, as maintaining bipedal locomotion and complex sensory
processing systems requires significant power, leading to limited operational time
and the need for frequent recharging. The sophistication of AI & ML algorithms
also presents a challenge; despite considerable progress, humanoid robots still lag
human capabilities in terms of decision-making, adaptability, and understanding
nuanced human interactions. These limitations, combined with ongoing ethical and
social concerns, such as job displacement and privacy issues, make the practical
deployment of humanoid robots a complex and evolving issue.

Recent deal activity and market outlook

The market outlook for humanoid robots is marked by a mix of high expectations
and practical limitations. A notable development in this space is Tesla’s Optimus
project, with CEO Elon Musk stating that these robots could eventually be priced
around $20,000. This pricing strategy, if achieved, could significantly broaden the
market for humanoid robots, making them more accessible to a wider range of
consumers and businesses.

Venture capital interest in this sector is robust, as evidenced by recent funding

rounds. 1X, known for developing EVE, a labor-saving android, successfully raised
$87.5 million in October 2023. Collaborative Robotics, led by Brad Porter, a former

3: “Getting to Know ‘Digit,’ the Humanoid Robot That Amazon Just Started Testing for Warehouse Work,” GeekWire, Todd Bishop, October 26, 2023.

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 Emerging Space Brief: Humanoid Robotics

vice president of Amazon Robotics, secured $30.0 million in a Series A funding

round led by Sequoia Capital. Additionally, Figure, which is focusing on creating
robots to address labor shortages, raised a substantial $70.0 million in its Series A.
These investments reflect strong confidence in the potential of humanoid robots
to revolutionize various industries, particularly by addressing labor shortages and
enhancing productivity.

Despite these advancements and investments, widespread market adoption of

humanoid robots faces several challenges. First, the high cost of development
and potential retail prices, even at the lower end speculated by Musk, may limit
initial ownership to wealthier households and businesses. If humanoid robots—as
opposed to application-specific, nonhumanoid robots—do provide consistent
value more than the cost of labor, then businesses may adopt them at a faster
rate. Gartner estimates that by 2035, only about 10% of wealthy households in
developed countries will have humanoid robots, suggesting a gradual penetration
into mainstream markets.4

The possibility of a “robotics-as-a-service” business model could emerge as a

solution to these accessibility issues. Under this model, businesses and consumers
could lease or rent humanoid robots, thereby reducing the upfront costs and making
advanced robotic technology more accessible to a broader audience.

While the future of humanoid robotics will be interesting, fueled by technological

advancements and new venture capital investments, its path to becoming
a ubiquitous presence in homes and businesses is paved with challenges.
These include high costs, the need for continued technological refinement,
and the development of innovative business models to enhance accessibility
and practicality.

Quantitative perspective

84 258 389 $4.6B

For a deeper dive into the data and to explore
companies deals investors capital invested
additional insights, visit the PitchBook
Platform or request a free trial.
32 $3.3M $109.0M $370.6M
deals (TTM) median deal size median post-money capital invested
23.1% YoY (TTM) valuation (TTM) (TTM)
25.9% YoY 82.6% YoY -9.3% YoY

*As of December 18, 2023

4: “Emerging Technologies: AI Roadmap for Smart Robots — Journey to a Super Intelligent Humanoid Robot,” Gartner, Annette Jump and Bill Ray,
October 4, 2023.

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 Emerging Space Brief: Humanoid Robotics

Top humanoid robotics companies by total raised*

Total raised Latest deal Year

Company Latest deal date Deal type HQ location
($M) value ($M) founded

UBTECH $1,861.0 N/A January 31, 2023 IPO Shenzhen, China 2012

Agility Robotics $178.0 N/A N/A PE growth/expansion Pittsburgh, US 2015

Figure $170.0 $70.0 May 31, 2023 Early-stage VC Sunnyvale, US 2019

Plus One Robotics $95.1 $50.0 January 17, 2023 Late-stage VC San Antonio, US 2015

Sanctuary AI $93.8 $30.0 December 1, 2022 Early-stage VC Vancouver, Canada 2018

Moxie $75.1 $19.3 November 30, 2022 Late-stage VC Pasadena, US 2016

Rainbow Robotics $70.8 $46.8 January 19, 2023 PIPE Daejeon, South Korea 2002

Elementary $47.6 $30.0 December 16, 2021 Early-stage VC South Pasadena, US 2017

LEJU Robotics $46.1 N/A February 25, 2023 Late-stage VC Shenzhen, China 2016

1X $40.4 $87.5 October 19, 2023 Late-stage VC Moss, Norway 2014

Source: PitchBook • Geography: Global • *As of December 18, 2023

Top humanoid robotics companies by Exit Predictor opportunity score*

Opportunity Success M&A IPO Total raised Year

Company HQ location
score probability probability probability ($M) founded

Sanctuary AI 99 89% 30% 59% $93.8 Vancouver, Canada 2018

1X 98 94% 91% 3% $40.4 Moss, Norway 2014

Apptronik 98 89% 78% 11% $28.6 Austin, US 2016

Cobot 97 91% 90% 1% $40.0 Santa Clara, US 2022

Duality Robotics 97 92% 91% 1% $14.9 San Mateo, US 2018

Beyond Imagination 88 80% 79% 1% $4.2 Burbank, US 2018

Elementary 86 98% 97% 1% $47.6 South Pasadena, US 2017

GenRobotic 86 78% 77% 1% $3.1 Thiruvananthapuram, India 2015

Plus One Robotics 81 98% 74% 24% $95.1 San Antonio, US 2015

Oversonic 66 62% 61% 1% $10.8 Besana in Brianza, Italy 2020

Source: PitchBook • Geography: Global • *As of December 18, 2023

Note: Probability data based on PitchBook VC Exit Predictor Methodology.

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 Emerging Space Brief: Humanoid Robotics

Top humanoid robotics companies by number of active patents*

Active patent Total raised Year

Company HQ location
documents ($M) founded

UBTECH 609 $1,861.0 Shenzhen, China 2012

Boston Dynamics 455 $37.0 Waltham, MA 1992

SoftBank Robotics 63 $13.0 Tokyo, Japan 2014

Rollomatic 39 N/A Le Landeron, Switzerland 1964

Rainbow Robotics 38 $70.8 Daejeon, South Korea 2002

Shadow Robot 27 N/A London, UK 1987

Sanctuary AI 26 $93.8 Vancouver, Canada 2018

Meltin MMI 21 $31.3 Tokyo, Japan 2013

Beyond Imagination 18 $4.2 Burbank, US 2018

Furhat Robotics 18 $4.6 Stockholm, Sweden 2014

Source: PitchBook • Geography: Global • *As of December 18, 2023

Top humanoid robotics investors by deal count*

Investor Investments HQ location

Intel Capital 5 Santa Clara, US

National Science Foundation 5 Alexandria, US

Osage University Partners 5 Bala Cynwyd, US

Plug and Play Tech Center 5 Sunnyvale, US

Calibrate Ventures 4 Pasadena, US

Capital Factory 4 Austin, US

Pritzker Group Venture Capital 4 Chicago, US

SoftBank Group 4 Tokyo, Japan

Toyota Ventures 4 Los Altos, US

United States Department of Defense 4 Washington, DC, US

Whale Capital 4 Shanghai, China

Zhengxuan Investment 4 Shenzhen, China

Source: PitchBook • Geography: Global • *As of December 18, 2023

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 Emerging Space Brief: Humanoid Robotics

Recommended reading
• “Humanoid Robots Are Here, But They’re a Little Awkward. Do We Really Need
Them?” The Associated Press, Matt O’Brien, November 29, 2023.

• “The First Humanoid Robot Factory Is About to Open,” Axios, Jennifer A. Kingson,
Axios, December 5, 2023.

• “Humanoid Robots - Applications and Future Scope,” Universal Robots,

May 24, 2019.

• “Understanding Humanoid Robots and Smart Materials,” YouTube, uploaded by

Mechanical Engineering at UT Dallas, September 1, 2023.

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