FieldAI Reportedly Raising 700 Million USD

a robot that is standing on one foot — julien Tromeur / Unsplash

FieldAI, a startup that develops artificial intelligence models for robots, is reportedly in the process of raising 700 million USD in a new funding round.

This funding round may bring the company valuation up to 10 billion USD, which is five times its valuation from August of last year. It is believed that the company has already signed a letter of intent, which is a preliminary non binding agreement for this funding.

FieldAI states that its AI models do not require maps for navigation and can operate without GPS, internet connectivity, or user defined paths. This reduces the workload for setting up robot navigation systems and lowers the costs of automation projects. The models can automatically adjust robot behavior to respond to risks, such as slowing down when entering a factory area with lighting failures to avoid collisions and navigation errors.

FieldAI says its models can work on various systems, ranging from unmanned vehicles to humanoid robots. In March, the company partnered with Boston Dynamics to increase support for the Spot four legged robot, allowing industrial customers to automate certain equipment inspections.

FieldAI converts data from cameras, lidar, radar, and other sensors into digital twins of the robot's operating environment. These digital twins are continuously updated with simulated real world environment data to increase accuracy. Customers can use these digital twins to test virtual changes to site areas, such as simulating the impact of changing a factory layout, or for training AI.

FieldAI currently has more than 30 customers across various industrial sectors, including energy, construction, and the public sector. Revenue and contract value from customers exceeded 100 million USD in June and has reportedly increased to over 135 million USD.