Investing.com -- The Bot Company, a robotics startup launched less than a year ago, has secured $150 million in a funding round led by Greenoaks. This has catapulted the firm’s valuation to $2 billion, according to Reuters, citing sources. The company, co-founded by former Cruise CEO Kyle Vogt, Paril Jain, and Luke Holoubek, aims to develop at-home robots to assist with everyday tasks.

This latest funding follows a previous round where the company raised $150 million from investors such as Spark Capital and former GitHub CEO Nat Friedman. This had valued the company at $550 million. The Bot Company is currently developing both the hardware and AI-based software needed to power their robots.

The startup’s high valuation, despite not having released a product or generated any revenue, reflects investor confidence in the potential of AI-powered robotics. These machines are capable of learning new tasks and have garnered significant interest from Silicon Valley.

The rise of large language models (LLMs) is fueling this interest, as these models enable robots to process natural language commands and perform complex tasks. This could make robots more intuitive and adaptable for use in homes or factories. Robotics startups are thus attracting substantial funding and attention, signaling a new era of intelligent and adaptive robots.

The Bot Company’s robots, while the design details remain undisclosed, are reportedly non-humanoid and equipped with a base and grips. Both The Bot Company and Greenoaks have declined to comment on the funding.

The robotics space is also seeing excitement generated by other players like Tesla (NASDAQ: TSLA ) and startups such as Figure, which is currently raising funding at a $40 billion valuation despite little revenue. Another startup, Cobot, founded by Amazon (NASDAQ: AMZN ) veteran Brad Porter, has raised $146 million for non-humanoid robots focused on industrial automation.

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