Exclusive: Former Cruise CEO Vogt's robotics startup valued at $2 billion in new funding, sources say
(Reuters) March 21 - Kyle Vogt, former CEO of self-driving car company Cruise, has raised $150 million in a new funding round led by Greenoaks for his robotics startup The Bot Company, valuing the firm launched less than a year ago at $2 billion, sources told Reuters.
This capital injection follows a previous $150 million raised from investors such as Spark Capital and former GitHub CEO Nat Friedman that valued the company at $550 million, sources added, as it is trying to build out the hardware and artificial intelligence-based software to power the robots.
It reflects investors' confidence in a company that has yet to release its product and has no revenue, as the appeal lies in the potential of robotics powered by AI models that can learn to do new tasks, which have captured Silicon Valley's imagination.
The boom in large language models is significantly boosting interest in robotics, as LLMs enable robots to process natural language commands and perform complex tasks, which could make robots more intuitive and adaptive for use cases at home or on factory floors. Robotics startups, with various form factors, are attracting substantial funding and attention, marking a new era of intelligent and adaptive robots.
The Bot Company was co-founded by Vogt, Paril Jain, and Luke Holoubek, former engineers at Tesla and GM-owned Cruise. It aims to create at-home robots that assist individuals with daily tasks, such as household chores. While little is known about the design, sources indicate they are non-humanoid robots equipped with a base and grips.
Both The Bot Company and Greenoaks declined to comment.
Much of the excitement in the space is also spurred by humanoid-focused players like Tesla (TSLA.O), opens new tab and startups such as Figure, which is currently raising funding at $40 billion with little revenue. Cobot, founded by Amazon veteran Brad Porter, has also raised $146 million for non-humanoid robots that focus on industrial automation. The capital required to build and scale underscores the complexities in developing robots that integrate into day-to-day operations.
At-home robotics is a category where tech giants like Amazon have already invested significantly. Amazon (AMZN.O), opens new tab launched its home robot, Astro, in 2021, focusing on home monitoring and entertainment capabilities. Last year, it decided to discontinue Astro for Business to focus solely on household robots.
Two other robot startups, Physical Intelligence and 1x, have also raised hundreds of millions to create robots capable of daily household tasks like folding laundry and cleaning countertops.
Vogt and his co-founders are part of a growing pool of talent returning to the robotics space from self-driving. Many startups in this sector aim to move beyond imitation learning to more action-based AI models inspired by large language models, enabling robots to learn movements more efficiently beyond the pre-programmed routines.
The investment in The Bot Company reflects the growing interest in robotics startups, particularly those leveraging AI and spatial intelligence. Last year, VC investors poured $6.1 billion into robotics, up 19% from 2023, according to PitchBook.
Besides the Bot Company, Greenoaks has previously invested in another robotics startup Mytra which focuses on industrial tasks.
The San Francisco-based investor has underwritten billion-dollar valuations for young players such as customer service startup Sierra and Ilya Sutskever's Safe Superintelligence Inc. It stands to reap $2 billion from its $300 million investment in Wiz's $32 billion sale to Google this week, according to a source.
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Reuters
an hour ago
- Reuters
TRADING DAY Good vibrations turn sour
ORLANDO, Florida, June 11 (Reuters) - TRADING DAY Making sense of the forces driving global markets By Jamie McGeever, Markets Columnist I'm excited to announce that I'm now part of Reuters Open Interest (ROI), an essential new source for data-driven, expert commentary on market and economic trends. You can find ROI on the Reuters website, and you can follow us on LinkedIn and X. The US and China have reached a trade deal, or at least agreed on the framework of a deal, which together with surprisingly soft U.S. inflation data, gave markets a lift on Wednesday. But Wall Street's gains were mild, and they were later wiped out by rising tensions in the Middle East. In my column today I look at the 'equity risk premium' and other metrics that suggest relative U.S. equity and bond valuations are getting very stretched. More on that below, but first, a roundup of the main market moves. If you have more time to read, here are a few articles I recommend to help you make sense of what happened in markets today. Today's Key Market Moves Good vibrations turn sour It's a "done" deal, according to U.S. President Donald Trump, although the he and Chinese leader Xi Jinping still have to finalize the wording of the trade agreement between the two superpowers and sign off on it. The main points of the deal appear to be: China will remove export restrictions on rare earth minerals and other key industrial components; U.S. tariffs on Chinese goods will total 55%; Chinese tariffs on U.S. goods will total 10%. Trump could not have been more enthusiastic in his praise for the agreement on Wednesday, and Commerce Secretary Howard Lutnick said 'deal after deal' with other countries will follow in the weeks ahead. Yet, judging by the relatively muted market reaction, investors are less enthused. And given the chaotic and unpredictable nature of the Trump administration's tariff announcements thus far, the irony of Treasury Secretary Scott Bessent calling on China to be a "reliable partner" in trade negotiations will not be lost on some observers. Especially, one suspects, in Beijing. Based on these proposed China levies, and with the US expected to conclude more trade deals in the coming weeks, the overall U.S. effective tariff rate will be lower than feared a couple of months ago. That's a relief. But the effective tariff rate of around 15% that many economists expect will still be significantly higher than the 2.5% rate at the end of last year, and would be the highest since the 1930s. Also, as the May inflation figures showed, tariffs have yet to be felt on prices. Investors - and Fed policymakers, who meet next week - are in a state of limbo. How will corporate profits and consumer spending be affected? What proportion of the tariffs will companies "swallow", and how much will they pass on to their customers? Zooming out, inflation appears to be cooling around the world, although this trend is expected to reverse once tariffs start to fuel higher goods price inflation. Figures on Wednesday showed that U.S. consumer inflation and Japanese wholesale inflation were lower than expected in May. These reports follow similar numbers from Europe recently, and China remains stuck in its battle against deflation. Next up is India, which releases consumer inflation figures on Thursday, which are expected to show annual inflation slowed to 3.0% in May, the lowest in more than six years. Another focus for investors on Thursday will be the auction of 30-year U.S. Treasury bonds. US stocks-bonds warnings flash amber again Calm has descended on U.S. markets following the 'Liberation Day' tariff turmoil of early April. But Wall Street's rally has revived questions about U.S. equity valuations, as stocks once again look super pricey compared to bonds. Since the chaotic days of early April, U.S. equities have rebounded fiercely, with the S&P 500 up 25%, putting the Shiller cyclically adjusted price-earnings (CAPE) ratio for the index in the 94th percentile going back to the 1950s, according to bond giant PIMCO. Stocks are looking expensive in absolute terms, and in relation to bonds. The equity risk premium (ERP), the difference between equity yields and bond yields, is near historically low levels. According to analysts at PIMCO, the ERP is now zero. The previous two times it fell to zero or below were in 1987 and 1996–2001. In both instances, the ultra-low ERP precipitated a steep equity drawdown and sharp fall in long-dated bond yields. "The U.S. equity risk premium ... is exceptionally low by historical standards," they wrote in their five-year outlook on Tuesday. "A mean reversion to a higher equity risk premium typically involves a bond rally, an equity sell-off, or both." But reversion to the mean doesn't just happen by magic. A catalyst is needed. Equities have recovered largely because they were oversold in April, trade tensions have been dialed down, and investors remain confident that Big Tech will drive solid AI-led earnings growth. So even though huge economic, trade, and policy risks continue to hang over markets, there is no sign of an imminent catalyst that would cause an equity market selloff. The flip side of equities looking expensive is that bonds look like a bargain. Indeed, the relative divergence between stocks and bonds is such that, by one measure, U.S. fixed income assets are the cheapest relative to equities in over half a century. Using national flow of funds data from the Federal Reserve, retired strategist Jim Paulsen calculates that the total market value of U.S. bonds as a percentage share of the total market value of U.S. equities is the lowest since the early 1970s. "Since the aggregate U.S. portfolio is currently aggressively positioned, investors may have far more capacity and desire to boost bond holdings in the coming years than most appreciate," Paulsen wrote last week. But bonds are 'cheap' for a reason. Washington's profligacy – the reason ratings agency Moody's recently stripped the U.S. of its triple-A credit rating – and inflation worries have kept yields stubbornly high. The term premium - the risk premium investors demand for holding long-term debt rather than rolling over short-dated loans - is the highest in over a decade, reflecting concerns about Uncle Sam's long-term fiscal health. And the diagnosis here shows no signs of improving. Trump's 'Big Beautiful Bill' is expected to add $2.4 trillion to the U.S. debt over the next decade, according to the nonpartisan Congressional Budget Office, likely putting more upward pressure on yields. Of course, equity investors do seem to be pricing in a very rosy scenario, and the past few months have shown how quickly the market landscape can change. The U.S. economy could weaken more than expected, the trade war could escalate, or there could be a geopolitical surprise that causes bond yields and equity prices to fall. Investors should therefore be mindful of the warnings being sent by ERPs and other absolute and relative valuation metrics. However, they should also remember that stretched valuations can get even more stretched. As the famous saying goes, markets can stay irrational longer than investors can remain solvent. What could move markets tomorrow? Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, opens new tab, is committed to integrity, independence, and freedom from bias.
Scottish Sun
2 hours ago
- Scottish Sun
I took a ride in AI-powered robotaxis set to hit UK – they have more gadgets than James Bond but I missed key element
Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) AS my odd-looking taxi pulled up, it was comforting to know that the driver couldn't have downed a skinful the night before. And I was certain this cabbie wouldn't spend the journey telling me why my football team, Crystal Palace, aren't as good as I think they are. 6 Robot Jaguar I-PACE has a light on top that displays the name of the person it is picking up Credit: Paul Edwards 6 The Sun's Oliver sitting in a Waymo vehicle waiting for it to take him on his 1.6-mile journey Credit: Paul Edwards 6 Navigating a multi-lane highway with no one at the wheel as traffic whizzes by Credit: Paul Edwards That's because there wasn't a human behind the steering wheel. I was about to take a ride in an AI-powered robotaxi. They are coming to Britain next year after driverless vehicles were given the go-ahead. Ride-hailing app Uber will be allowed to put passengers' lives in the hands of artificial intelligence in London. For someone who has struggled to comprehend tech since the invention of the SodaStream, this ride was a frightening prospect. Well, would you get on an airliner without a pilot? READ MORE ON ROBOTAXIS BUCKLE UP! Uber self-driving robotaxis are coming to UK roads NEXT YEAR Gazing out on to the busy freeway in Phoenix, Arizona, with giant SUVs motoring past, I had a similar pang of nerves about riding in the driverless contraption that had come to pick me up. More gadgets than Bond I had read some horror stories about robotaxies going rogue. In 2021, a self-driving car in the sunbelt city became confused by traffic cones then drove away from a technician sent to rescue it. Eventually the Waymo motor had to be disabled so a human driver could get behind the wheel. The passenger filmed the 33-minute debacle and plastered it on YouTube. Last year a General Motors-owned Cruise robotaxi struck and dragged a pedestrian 20 feet in San Francisco. The woman — who was injured — survived the ordeal. And in 2018 a cyclist was killed by an Uber cyber car with a safety driver in Phoenix. Watch moment passenger left TRAPPED in driverless car 'going round in circles' after robot taxi malfunctions The back-up driver had been looking down to watch The Voice TV show which he was streaming when Elaine Herzberg, 49, crossed a darkened road in front of her. It was the first fatal collision involving a fully autonomous vehicle. Nevertheless, with self-driving cars being touted as the future of motoring, it was time for a test run. Booking my ride was simple. I downloaded the app of Waymo One — a self-drive firm owned by Google's parent company Alphabet — and punched in my details along with where I wanted to go. With the thermometer hitting 39C in this desert city, I was on the hunt for a nice, cool pint of Guinness and was told Casey Moore's Oyster House was the place to go. At least there would be no argument about designated drivers. Soon I was tracking the Waymo on my phone as it surged to my hotel through the early rush-hour traffic. And then the gleaming white Jaguar I-PACE came into view — with no one at the wheel. On the roof was something that looked like a giant police blue light with my initials displayed on it. Unlocking its door with the app, I sat in the back (no one is allowed in the driver's seat) as the Waymo played calming elevator music. 6 Screen on dashboard to greet passenger and button they must press to get going Credit: Paul Edwards 6 Booking a ride on app, which is also used to unlock the door Credit: Paul Edwards I pressed a screen between the front seats saying 'start ride'. Then, a bit like KITT, the car from Eighties TV series Knight Rider, Waymo began talking. As we pulled smoothly away from the hotel forecourt, the robotaxi told me to buckle up. And then, with the steering wheel spinning as if by some invisible force, we eased into the Phoenix traffic as I let out an involuntary 'whoaa!' On the opposite side of the road cars were whizzing towards us but all-electric Waymo deftly navigated the right path before pulling up at a red light. How did it know it was red? That's one for the brainiacs. Swinging left into East Apache Boulevard, I caught sight of a couple of pedestrians ahead. How would the cyber motor react? My Waymo One slowed and made sure to give them a wide berth. That's because it is bristling with more gadgets than a James Bond car. Its sensors include cameras, radars and something called lidars which use lasers to create a 3D image of the vehicle's surroundings. The in-car computer then makes sense of all the data that Waymo is gathering. And, learning to trust the tech, I was soon beginning to relax. All speed limits were observed and driving rules obeyed. The ride was smooth and felt safe. Perhaps I was better off without a driver after all. Wayve's technology operates more like a human driver would learning to drive in one city and then applying that knowledge to drive in new places. Bill Gates Britain's Department for Transport estimates that 88 per cent of road accidents are caused by human error. Soon we were pulling up outside the pub. Keeping the rear door open a little too long, an actual human called Brian came through on Waymo's intercom to check I was OK. He was certainly more amenable than Johnny, the robot driver of the taxi in 1990 sci-fi flick Total Recall, who Arnold Schwarzenegger ripped out of the cab in frustration be- cause he was not listening to his in- structions. My 14-minute journey over 1.6 miles had cost $9.33 (just over £7). And, unlike most things in America, there was no need to add a tip. Waymo One serves 180 square miles of Arizona's capital — that makes Phoenix the largest fully autonomous ride-hail service zone in the world. After a couple of pints, I decided to summon another Waymo. Not arriving at the front of the pub as I had imagined, it headed to- wards a park- ing lot at the back. Would the robotaxi be able to navigate this manoeuvre? In May this year another empty Waymo trying to pick up its ride collided with a telephone pole in a Phoenix alleyway. No one was injured but pictures show a fire crew attending the scene with the robotaxi suffering a crumpled front grill. Hunk of metal Waymo voluntarily recalled its 672-car fleet for a software update in what the company called a 'safety-first approach'. The crash was put down to the robotaxi's software having 'assigned a low damage score' to the pole. It had misjudged the danger because there was no kerb or clear road edge. My Waymo pulled into the parking lot smoothly and confidently. But, unlike many humans, could it parallel park? Indeed it could and reversing is no problem either. And — despite having sampled some local beverages — there was no barked warning: 'Mate, you're not going to be sick in my cab, are you?' Soon this taxi was traversing the two miles to Society restaurant like a London cabbie with The Knowledge. The 11-minute ride cost $13.31 (£10.25). Again, no tip required by the computer chip and its hunk of metal. With millions employed as drivers across the globe, tech titans are investing billions in robo vehicle technology for what they see as a lucrative driverless future. 6 Johnny drives Arnold Schwarzenegger in 1990 sci-fi flick Total Recall Last year Elon Musk unveiled Tesla's Cybercab at the Warner Bros studio lot in Hollywood. The world's richest man insisted that the sleek, golden two-seater car without a steering wheel or pedals will be on sale 'before 2027'. Meanwhile Amazon-owned Zoox's self-driving cars will soon be available to the public in Las Vegas. In Scotland a robobus with a back-up driver plies a route over the Forth Road Bridge. Wuhan in China — where Covid was first detected — has more than 400 self-driving Apollo Go cars taking passengers. Tech giant Baidu delayed increasing the fleet to a thousand after complaints by human taxi drivers. A cab firm in the city accused the robotaxis of 'taking jobs from the grass roots'. It will be far from the last time humans protest about losing their jobs to AI-powered robots. Self-driving cars could bring jobs, investment, and the opportunity for the UK to be among the world leaders in new technology. Transport Secretary Heidi Alexander Over here, the UK start-up Wayve will be teaming up with Uber for its taxi service next spring. If all goes well, the plan is to roll out these services across the country in the second half of 2027 when last year's Automated Vehicles Act comes fully into force. Founded in 2017 by New Zealand-born Alex Kendall, Wayve believes it can produce robocars that are safer and cheaper than anyone else by giving the car 'its own brain.' Its AI-driven software can be used to make any car self-driving using cameras. The live images are used to train itself to drive by visual observation. Microsoft founder Bill Gates went for a ride to get fish and chips in a Wayve-powered motor — with a back-up driver — while in London. The tech giant said: 'Other self-driving technologies work only on specific mapped streets. 'Wayve's technology operates more like a human driver would learning to drive in one city and then applying that knowledge to drive in new places.' In May, Wayve raised $1.05billion (£840million) in funding, with Microsoft and Nvidia, a leading chip-maker, among investors. It is the largest known investment in an AI company in Europe to date. According to the Department for Transport, the UK cybercar industry could be worth £42billion and create 38,000 jobs by 2035. This week, Transport Secretary Heidi Alexander said: 'The future of transport is arriving. 'Self-driving cars could bring jobs, investment, and the opportunity for the UK to be among the world leaders in new technology.' Back in Phoenix, I summoned another Waymo for a ride back to my hotel. By now I was relaxed enough to enjoy the experience of being driven through the night-time streets by a machine seemingly with a mind of its own. Yet, as the journey progressed, I realised I was missing something. There was no round-up of the Champions League scores and no chat about the most famous person to ride in the cab. Waymos don't do banter. You still need a human driver for that.
NBC News
2 hours ago
- NBC News
We tested over 100 sunscreens — and our #1 choice is currently 20% off
Deals and Sales Round Lab's Birch Juice sunscreen is our absolute favorite face SPF and it's currently on sale on Amazon.
