Physical Intelligence, a 2-year-old San Francisco robotics startup, is seeking to raise about $1 billion in new funding, TechCrunch reported on March 27, citing Bloomberg News.

If the deal is completed, Physical Intelligence's valuation would exceed $11 billion. That would be a doubling from $5.6 billion 4 months ago.

Founders Fund is expected to participate in the investment, the report said, and Lightspeed Venture Partners is also in talks. Existing investors Thrive Capital and Lux Capital are considering reinvesting. Bloomberg said the deal is at an early stage and details could change.

TechCrunch visited Physical Intelligence's headquarters in January and quoted co-founder Sergey Levine (세르게이 레빈) as saying it aims to develop ChatGPT for robots.

Physical Intelligence's model focuses on enabling robots to carry out a range of tasks, such as folding laundry and peeling vegetables.

Physical Intelligence has not yet set a timeline to commercialise the model, and investors do not appear to mind. Co-founder Lachy Groom (라치 그룸) said, "There is no limit to the capital we can pour in," and added, "We always need more computing resources to put into solving problems."