LG Innotek secured a supply agreement to provide camera modules for Figure AI’s humanoid robots, marking the South Korean manufacturer’s latest attempt to reduce dependence on smartphone sales.
The companies are negotiating specific volumes and pricing, with shipments expected to begin early next year following a final contract. Figure AI CEO Brett Adcock stated in January that the company plans to mass-produce 100,000 humanoid robots within the next four years.
Figure AI is seeking $1.5 billion in new funding at a $39.5 billion valuation — a fifteenfold increase from its $2.6 billion valuation in early 2024. The Sunnyvale-based startup, which recently severed ties with OpenAI citing internal AI breakthroughs, has attracted investments from Nvidia, Microsoft and Amazon founder Jeff Bezos.
LG Innotek’s camera business remains heavily concentrated in mobile devices, representing 83.1% of first-quarter revenue, mostly from Apple iPhones. The company invested $8.5 million in Figure AI in February 2024, positioning itself for potential growth in robotics before securing the supply deal.
However, questions persist about Figure AI’s commercial viability. Recent reports suggest the startup’s BMW partnership involves limited deployment, with a single robot operating basic tasks — contradicting earlier claims about “fleet” operations.
Goldman Sachs projects the humanoid robot market will reach $38 billion by 2035, though no company has successfully commercialized general-purpose humanoid robots at scale.
