U.S. company Agility Robotics announced plans to become the first humanoid robot maker to trade on the stock market, through a deal that would value it at around 2.5 billion dollars. Below we look at what is behind this move and why it marks a turning point for robotics.

A historic step into public markets

Founded in 2015 as a spinoff from Oregon State University, Agility Robotics sealed an agreement to go public via a merger with a special purpose acquisition company. The operation still depends on shareholder and regulatory approval, but if completed it would raise more than 620 million dollars, the largest capital raise in this sector’s short history. Based in Salem, Oregon, the firm would become the first company focused exclusively on humanoids to take this path.

Digit, the robot that works in warehouses

Its flagship product is called Digit: it stands about 1.75 meters tall, weighs roughly 73 kilos and stands out for its reverse-bending knees, whose curve resembles a bird’s legs. That design lets it crouch and reach shelves at different heights with ease. Unlike other humanoids that try to mimic every human gesture, Digit was built for a specific task: moving heavy loads inside logistics centers. The company already runs a manufacturing plant of more than 6,500 square meters and has signed contracts with clients such as GXO Logistics, Toyota and Schaeffler.

High hopes, cautious promises

Despite the excitement, chief executive Peggy Johnson, a former senior Microsoft executive, urged people to temper their expectations about home robots. She explained that it would take more than a decade to see humanoids that are genuinely useful inside households, comparing the challenge to the long road still ahead for self-driving vehicles. For now, the company reports more than 300 million dollars in multi-year contracts and close to a thousand units committed under a robot-as-a-service model, in which clients pay for usage rather than buying the machines.

A race with many competitors

Agility is not alone: rivals such as Figure AI, Apptronik and other startups have raised billions in investment, in one of the most hotly contested industries of the decade. Going public could give the firm a decisive financial edge to scale production and cement its leadership.

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Source: TechCrunch.

Image: Oregon State University — CC BY-SA 2.0, via Flickr.