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Forbes
2 days ago
- Business
- Forbes
Prosthetics Startups' Biggest Market Isn't Humans. They're Building Hands For Robots Instead.
Aadeel Akhtar, the founder of Psyonic, has a PhD from the University of Illinois Urbana-Champain. Matt Carney was good at building robots — he just didn't want to. While earning his PhD at MIT, he'd spent years studying mechanical engineering and biomechatronics in service of developing bionic prosthetics that could help people who'd lost limbs. He hoped to build robotic legs that could pick up on the phantom signals sent by a body's muscles or function autonomously so it could move naturally, unlike the plastic, unmoving prostheses that are common now. But as he began talking to venture capitalists about funding a company that would develop these so-called bionics, he quickly discovered that the market didn't want robotic devices that could replace human limbs, it wanted robots that could replace human beings, the sort of humanoids championed by sci fi laureates like Isaac Asimov and self-appointed tech visionaries like Elon Musk. Investors cautioned him against venturing into the cost-heavy medical world and regularly asked if he might be more interested in building humanoids or exoskeleton suits. Even trusted experts building bionic limbs told him the technology currently available wasn't advanced enough to be truly helpful. Without a breakthrough in AI, let alone an addressable market, building futuristic robot body parts wasn't something investors would bankroll. So Carney looked elsewhere, taking a job as chief engineer at Persona AI, an early-stage contender in the field of humanoid robotics that has raised $27 million in funding. It's facing off against much larger startups like Boston Dynamics, Foundation Robotics and Figure AI, which have achieved valuations greater than $1 billion for their human-like bots. Then there's the elephant in the room: Musk's Tesla, which the world's richest man has pivoted toward building humanoid robots, with the idea that they'll generate trillions in revenue for the company and someday outnumber humans. Musk has touted a lofty vision of the future where he sees these robots as a catch-all method for labor, posting on X about replacing surgeons, being a 'personal C-3PO or R2-D2' to perform the bidding of an owner, and, of course, driving a car. Much of the tech world seems sold on them, too. The Information reported Wednesday that Amazon will begin testing out package delivery with humanoids. Speaking onstage at an event in late May for the Ronald Reagan Presidential Foundation and Institute, billionaire venture capitalist Marc Andreessen said that humanoid robotics provide a solution to regaining manufacturing dominance in the United States, with these robots performing tedious tasks such as installing screws on an assembly line. Carney plans to return to the prosthetics space one day. But he isn't the only entrepreneur who originally wanted to focus on building so-called bionic limbs to help real people, and instead have been pushed to follow the money: why not build for robots too? Take San Diego-based Psyonic, which officially launched in 2021 solely as a prosthetics company, building a waterproof robotic hand with built-in sensors to register touch sensations (alongside perks like the ability to charge a cell phone). Psyonic found some early traction, with Medicare covering the cost of its hands for patients. It was last valued at $65 million in 2024 and has raised a total of $8 million, according to PitchBook. Not long after launching, CEO and founder Aadeel Akhtar started to realize that there could be an entirely new market for his startup's hands, signing on Meta as an early robotics customer for an AI project. By 2023, humanoid robotics were booming, and demand skyrocketed. Now, the majority of Psyonic's business comes from selling its hands to manufacturing firms and robotics companies like Apptronik, which has raised more than $400 million to build humanoid, general purpose robots. The robotics side of his business 'is growing exponentially right now,' Akhtar told Forbes, later adding, 'The big draw there is being able to have one generalized robot do many tasks as opposed to activity specific robots.' Shifting toward catering to humanoid robotics startups comes with advantages. The hundreds of millions being poured into the space is helping commoditize the cost of the core technologies — the actuators, sensors, control methods and carrying capabilities needed to build both humanoid robots and bionic limbs. Akhtar said the shift has helped it further develop its prosthetics technology, and lower its prices. For San Antonio-based Alt-Bionics founder and CEO Ryan Saavedra, who was inspired to build inexpensive robotic hands after his hand was injured in a rock climbing accident, Apptronik is also a major customer. Now, the company sells more robotic hands than prosthetics to 'tier one humanoid companies.' It's a form of 'cross-pollination,' Saavedra said. And Leeds, England-based COVVI, which makes prosthetic hands with the ability to move individual fingers, recently launched a robotic hand tailormade for humanoid robots. 'Every humanoid robot needs robotic arms and legs,' said Connor Glass, the CEO and founder of Phantom Neuro, which is developing a non-invasive implant that enables a person to control a prosthetic device and works closely with prosthetics companies. 'Now [startups] are able to pivot in a way, and try to generate revenue by working with these humanoid robot companies.' It looks like a savvy business move. A Goldman Sachs report from 2024 projects that the total addressable market for humanoid robots will reach $38 billion by 2035. It projects that millions of general purpose human-shaped robots will be produced by then, with a 40% reduction in costs. (Right now, they're often prohibitively expensive; Apptronik is targeting a $50,000 price tag but hasn't reached this unit price, and Boston Dynamics' Atlas robot reportedly costs hundreds of thousands of dollars.) By contrast, there are only 5.6 million U.S. citizens with limb loss or limb difference, according to the Amputee Coalition. That makes this a very small market, and one that's accessed through the U.S. healthcare system. It can take years and millions of dollars to get a more advanced product through the FDA or navigate a complicated insurance system. Robots don't have such hurdles. Not all prosthetics startups are going after this new opportunity. Joel Gibbard, who cofounded Bristol, U.K.-based Open Bionics in 2014 and has raised $18 million to date, has decided to stay focused on making its 3D-printed bionic arms for humans, not robots. 'Everyone in this space is probably having those ideas, thinking about it as a growth opportunity,' Gibbard said. 'I don't know if we've made the right judgment, but I can tell you that we've made a conscious decision.' Bionics needs a watershed moment to get investors' attention, said Tyler Hayes, founder of Atom Limbs, which is building a complex AI-powered arm. 'A company is going to need to demonstrate a pretty significant breakthrough, as the public would see it, for bionic limbs to get that kind of traction,' he said. Building robot limbs for bots is far from a sure bet. Ken Goldberg, the cofounder of robotics firms Ambi Robotics and Jacobi Robotics and a University of California-Berkeley professor, told Forbes that while advances in humanoid robotics are possible in the (very) long term, the timeline and hype surrounding them are exaggerated. Videos promoting these humanoids' capabilities are often misleading, and there's always a wizard behind the curtain, he said. 'Robots are getting very good at locomotion, walking, and so there are all these robots out there that look like humans, walk like humans, and people think 'Well then, they are humans',' he said. 'Manipulation, the hands, is where the challenge is.' (That's why his company, Ambi Robotics, is building purpose-built AI-powered robots that can grip and sort packages, while his newer startup, Jacobi Robotics, is developing purpose-built robots for moving items on and off industrial pallets.) Simple tasks like folding a box or clothes, anything that requires dexterity, are challenging and harder than an activity like walking. It's no wonder humanoid startups are looking toward bionic prosthetics for help. 'We're nowhere near being able to automate those things,' Goldberg said. 'Hands on a robot is a surprisingly big leap.'
Korea Herald
08-05-2025
- Automotive
- Korea Herald
HD Hyundai to develop AI humanoid for shipyard welding
HD Hyundai announced Thursday that its subsidiaries have partnered with robotics companies to develop an artificial intelligence-powered humanoid robot for welding, aiming to improve both efficiency and safety in the essential yet hazardous process of shipbuilding. According to the company, HD Korea Shipbuilding & Offshore Engineering, the shipbuilding arm of HD Hyundai, and HD Hyundai Robotics recently signed a strategic partnership in Houston, Texas, with two firms: Persona AI, a US-based robotics startup, and Vazil Company, a Korean automation solution provider. Under the agreement, HD Hyundai Robotics will provide AI-based welding automation solutions, while HD KSOE will contribute data and technical expertise to ensure the robot operates effectively in real shipyard environments, HD Hyundai said. The shipbuilder will also conduct performance validation. Persona AI will be responsible for developing the humanoid's hardware, along with AI-powered control and learning algorithms, while Vazil Company will focus on designing and building the robot's welding tools. The partnership aims to complete a prototype by 2026, with testing at the real yard and commercialization beginning in 2027. "Welding humanoids will not only boost productivity but also significantly reduce the burden on workers and greatly enhance safety," said Lee Dong-ju, head of the manufacturing innovation laboratory at HD KSOE. "By developing robots optimized for shipyard tasks, we aim to set a new paradigm in shipbuilding automation. Our goal is a smart shipyard where humans and intelligent robots collaborate seamlessly."
Business Journals
07-05-2025
- Automotive
- Business Journals
Houston startup Persona AI inks agreement with world's largest shipbuilder for humanoid welding robots
A non-moving mockup of Persona AI's humanoid robot worker. The company signed its first agreement with subsidiaries of the Korean industrial powerhouse HD Hyundai Co. Ltd. Jishnu Nair/HBJ
