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FieldAI Inc., a startup that develops artificial intelligence models for robots, is reportedly seeking $700 million in funding.<\/span><\/p>\n A source <\/span>told<\/span><\/a> Business Insider today that the round could value the company at $10 billion. That\u2019s five times what FieldAI was worth last August. It\u2019s believed the company has already signed a term sheet, a nonbinding preliminary version of a fundraising agreement.<\/span><\/p>\n The report didn\u2019t name the investors who are expected to participate in the deal. Large, growth-stage funding rounds often draw contributions from a startup\u2019s existing backers. FieldAI\u2019s investor roster includes Bezos Expeditions, Nvidia Corp.\u2019s NVentures fund and Intel Capital.<\/span><\/p>\n Engineers must often provide their robots with a map of the environment where they\u2019re expected to operate. Preparing such charts is a time-consuming task, particularly when they need to cover a large area. Furthermore, static maps don\u2019t account for the fact that environments such as construction sites change on a regular basis. That can lead to potentially significant accuracy gaps.\u00a0<\/span><\/p>\n FieldAI says that its AI models don\u2019t require a map to navigate. They can also make do without GPS access, an internet connection or user-defined travel paths. That significantly reduces the amount of work involved in setting up a robot\u2019s navigation stack, which lowers the cost of automation initiatives.<\/span><\/p>\n FieldAI\u2019s models can automatically adjust their behavior in response to risks. For example, they may slow down a robot when it enters a section of a factory where the lights are malfunctioning. Such changes make it easier to avoid collisions and navigation mistakes.<\/span><\/p>\n FieldAI says that its models can run on a variety of systems ranging from autonomous vehicles to humanoid robots. In March, it <\/span>partnered<\/span><\/a> with Boston Dynamics Inc. to add support for the latter company\u2019s four-legged Spot robot. The integration will enable industrial customers to automate certain equipment inspection tasks.\u00a0<\/span><\/p>\n Industrial robots often include not only cameras but also lidar equipment, radars and other sensors. FieldAI turns data from those sensors into a digital twin of the environment where the robots are deployed. A digital twin is similar to a simulation in many respects. The difference is that it\u2019s continuously updated with data from the real-world environment that it emulates, which boosts output accuracy.<\/span><\/p>\n FieldAI customers can use the digital twins it generates to virtually test site changes. For example, a manufacturer might simulate the impact of factory floor modifications before implementing them. FieldAI says that its digital twins can also be used for AI training.<\/span><\/p>\n The company is said to have surpassed \u201c$100 million in revenue and in customer contracts\u201d this past June. According to today\u2019s report, that number has since topped $135 million. FieldAI has more than 30 customers across verticals such as construction, energy and the public sector.<\/span><\/p>\n Support our mission to keep content open and free by engaging with theCUBE community. Join theCUBE\u2019s Alumni Trust Network<\/strong>, where technology leaders connect, share intelligence and create opportunities.<\/p>\n Founded by tech visionaries John Furrier and Dave Vellante, SiliconANGLE Media has built a dynamic ecosystem of industry-leading digital media brands that reach 15+ million elite tech professionals. Our new proprietary theCUBE AI Video Cloud is breaking ground in audience interaction, leveraging theCUBEai.com neural network to help technology companies make data-driven decisions and stay at the forefront of industry conversations.<\/span><\/p>\n<\/div>\n<\/div>\nPhoto: FieldAI<\/span><\/h5>\n
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