Ex-Cruise CEO Raises $150M For Robotics Startup Co-Founded With Longtime Tesla AI Head Who Just Quit

Benzinga Neuro

May 14, 2024

Former Cruise CEO Kyle Vogt has successfully raised $150 million for his latest venture, a robotics startup named The Bot Company.

What Happened: Alongside former Cruise engineer Luke Holoubek and former Tesla AI employee Paril Jain, Vogt launched The Bot Company, which is now valued at $550 million following this recent funding round, according to a Forbes report.

The startup aims to create home robots capable of handling household chores like cleaning and laundry.

Key investors in the round include Spark Capital and Nat Friedman, the former GitHub CEO who now manages a significant AI-focused fund. The company’s business model is centered on selling these robots directly to consumers, with the added feature of customization through a Discord-like chat server.

See Also: Best Tech Penny Stocks Right Now

However, this business model could change as the company, which is not yet generating revenue, continues to evolve.

The founders’ previous experience with autonomous vehicles at Cruise and Tesla is anticipated to be advantageous in overcoming the technical challenges of creating independent robots.

Why It Matters: Co-founder Jain was a longtime AI manager at Tesla, Inc. (NASDAQ:TSLA), where he played a significant role in the deployment of Tesla’s Full Self-Driving software, which he recently revealed was deployed on approximately 2 million vehicles in the U.S.

His experience and expertise in AI and autonomous technology could be instrumental in developing advanced home robots, adding a unique edge to The Bot Company’s offerings.

He revealed his departure from the EV giant on Tuesday, amid wider company layoffs, saying it has “been an incredible 7 years building the best self driving product on the market.”

“While I had always planned to help Tesla get to the final destination of global deployment of Robotaxis, I think it's time to accelerate [the] rest of the robotics industry and build more bots that give people time back,” he added.

As for Tesla – it has been an incredible 7 years building the best self driving product on the market. We have come a long way from barely being able to stay in lane, to building Navigate on Autopilot, (Not) Smart Summon, Autonomy day push, giving 4AM demos for autonomy day andâ€¦
— Paril Jain (@pariljain) May 13, 2024

Read Next: Tesla’s Genius Move Or Price Cut In Disguise? Analysts Dissect EV Giant’s 0.99% Model Y Financing Scheme

Photo by Kimberly White/Getty Images for TechCrunch via Flickr

Engineered by Benzinga Neuro, Edited by Ramakrishnan M

The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.

Recommended

A Tiny Biotech Just Posted 10× Stronger Cancer Results - Ad

The $43B Big Pharma Story is Starting Over-With a New Player - Ad

Urgent Copper Stock With Strong Catalysts - Ad

Popular

Five 2026 vehicles you should absolutely wait for

Don’t buy that new car yet. If you can wait, you’ll have new 2026 model year options that aren’t out yet. Although some models barely change, others are completely redesigned and often get the latest features and improvements. Whether you’re interested in improved fuel economy, cutting-edge technology, or maybe just fresh and distinctive styling, there’s likely a car on the horizon that you’ll be interested in. To ensure you don’t miss out on the latest and greatest, the car experts at Edmunds highlight five vehicles you should consider waiting for.

Cathie Wood Warns Wall Street Is Missing AI's Biggest Opportunity In Healthcare, Calling It 'Sleeper' Investment Poised For Massive Returns

Cathie Wood, CEO of Ark Invest, believes healthcare is the most profound application of AI and Wall Street is overlooking its potential.

New Number One Copper Start Alert

New Number One Copper Start Alert - Ad

EVs and AI devour copper. Supply cannot keep up. A Quebec discovery with high grade, infrastructure, and cheap power is funded to drill through the year. Catalysts are lining up. Institutions are circling. Move now while it is still early.

Trump Defends Missile Strike On 'Drug-Carrying' Submarine Amid Human Rights Outcry

Trump defends strike on drug sub, says it targeted fentanyl-laden vessel heading to US. Two survivors were rescued.

Warren Buffett's Berkshire Hathaway Bets Big On Consumer Brands Amid Economic Shifts

Warren Buffett and his successor Greg Abel have been directing Berkshire Hathaway towards consumer-centric investments throughout 2025.

Central Banks Are Buying More Gold Than Ever-And This U.S. Miner Is Ready to Oblige

Central Banks Are Buying More Gold Than Ever-And This U.S. Miner Is Ready to Oblige - Ad

Central banks are rapidly increasing their gold reserves-now nearly 20% of global assets. With rising demand and geopolitical pressure, U.S. gold supply is becoming more strategic than ever.

2026 COLA Increase: Social Security Benefits To Rise By 2.8% In 2026, Here's How Much More You Will Get Every Month

The Social Security Administration announced a 2.8% COLA increase for 2026, affecting 75 million Americans.

Shaquille O'Neal's $180,000 Range Rover Stolen in Suspected Hacker Heist

The custom Range Rover belonging to Shaquille O'Neal has been stolen, reportedly due to a cyber attack.

Why Are 21 Billionaires Moving Their Money ASAP?

Why Are 21 Billionaires Moving Their Money ASAP? - Ad

One of the biggest stock market events in 25 years is rapidly unfolding... The economist who predicted the 2008 Financial Crisis says it will be: "The Biggest Crash of Our Lifetime." Starting November 19 it could cut the entire tech marketing by HALF.

Trump's White House Bathroom Renovation Sparks Fury, Economist Slams 'Clearly Wrong' Inflation Data And More: This Week In Economy

Week economy roundup: From inflation debates and White House renovations to job declines, stock surges, and Fed rate cuts.

Bloom Energy Stock Surges Nearly 17% In Wednesday Pre-Market: What's Going On?

Shares of Bloom Energy Corp soared 18.68% in pre-market trading on Wednesday as third-quarter results surpassed analyst estimates.

From Ore to Gold Bars-This Nevada Mine Is Already Producing

From Ore to Gold Bars-This Nevada Mine Is Already Producing - Ad

Most juniors explore...Few actually produce. This one's already pouring gold thanks to infrastructure that would cost tens of millions to build today. With major land holdings and room to scale, it's one to watch.

Why Are First Solar Shares Surging On Friday?

First Solar beats Q3 sales estimates and reports record module shipments. Analyst raises price target to $150 despite supply chain challenges.

Warner Bros., Ford, General Motors Are Among the Top 10 Large-Cap Gainers Last Week (Oct. 20-Oct. 24): Are the Others in Your Portfolio?

Top large-cap gainers last week include SNDK, CRS, PEGA, ISRG, GM, HAL, FIX, WBD, LVS, F on earnings, upgrades, auctions.

"Tech Prophet" Who Predicted the iPhone Now Predicts...

"Tech Prophet" Who Predicted the iPhone Now Predicts... - Ad

George Gilder - who predicted the iPhone 17 years early and gave Reagan the first microchip - is making his boldest call yet. He says an American nanotech "super-convergence" could mint more millionaires than any event in recent memory. He's found 3 stocks set to benefit before November 18's bombshell.

Social Security Faces Insolvency In 7 Years — Committee Proposes COLA Cap For Wealthier Retirees

Proposal to limit Social Security COLAs for high earners aims to prevent insolvency. Checks may increase by 2.8% in 2026.

Instacart Powers Grubhub's Grocery Blitz Across America

Grubhub taps Instacart for nationwide grocery ordering, with Instacart fulfillment, pharmacy additions coming, and promos boosting adoption despite CART dip.

Gold Bars Are Pouring, but This Miner is Still Priced Like a Startup

Gold Bars Are Pouring, but This Miner is Still Priced Like a Startup - Ad

You'd expect a gold miner with production, a full refinery, and big-name investors to be trading at a premium. But this one? It's still under $1

After winning Trump's $20 billion, President Milei must win votes as Argentine industry reels

BUENOS AIRES, Argentina (AP) — The factory floor used to roar.

Microsoft's quarterly sales and profit surge, beating Wall Street expectations

REDMOND, Wash. (AP) — Microsoft on Wednesday reported its quarterly sales grew 18% to $77.7 billion.

Is Big Pharma's Next Target Already in Play?

Is Big Pharma's Next Target Already in Play? - Ad

A small biotech may have cracked one of medicine's biggest problems-how to deliver cancer drugs safely and effectively. With patented technology and promising early data, it's already catching the attention of Big Pharma.

Trump says a Canadian ad misstated Ronald Reagan's views on tariffs. Here are the facts and context

WASHINGTON (AP) — President Donald Trump pulled out of trade talks with Canada Thursday night, furious over what he called a “fake’’ television ad from Ontario’s provincial government that quoted former U.S. President Ronald Reagan from 38 years ago criticizing tariffs -- Trump’s favorite economic tool.

Texas Instruments Stock Is Tumbling Today: Here's Why

Texas Instruments shares are trading lower on Wednesday after the company issued fourth-quarter earnings and revenue guidance below analyst estimates.

A Tiny Biotech Just Posted 10× Stronger Cancer Results

A Tiny Biotech Just Posted 10× Stronger Cancer Results - Ad

Early studies show this breakthrough delivery platform would make cancer treatments safer and more powerful. Now, with Big Pharma watching closely, investors are starting to take notice of what could be the next major biotech story.

Eli Lilly's Oral Weight Loss Drug Shows Superiority Over Two Approved Drugs

Orforglipron meets key endpoints in Phase 3 trials, showing A1C reduction, weight loss, and cardiovascular benefits for type 2 diabetes.

Weekend Round-Up: Crypto World Buzzes With Coinbase, Cathie Wood, Melania Trump And Bitcoin News

There was a whirlwind of activity in the cryptocurrency world this week. From optimistic predictions by Coinbase Global Inc. CEO Brian Armstrong to Cathie Wood's backing of a major Ethereum holder, the crypto market was abuzz with news.

The $43B Big Pharma Story is Starting Over-With a New Player

The $43B Big Pharma Story is Starting Over-With a New Player - Ad

Big Pharma once paid $43B for a small biotech with a similar platform. Now, a new company is following that same playbook, leveraging its patented delivery technology to attract partnerships and near-term revenue potential.

Obesity, diabetes treatments fuel Eli Lilly growth and spark bidding war

The market for obesity and diabetes treatments remains scorching hot, funneling billions in sales to Eli Lilly and fueling a bidding war over another drugmaker.

Why Did Dragonfly Energy Shares Jump Over 6% After Hours?

Dragonfly Energy Holdings' stock climbed 6.73% after hours to $1.42 following its public offering and strategic updates.

Urgent Copper Stock With Strong Catalysts

Urgent Copper Stock With Strong Catalysts - Ad

Quebec discovery. Strong grades. Roads and hydro in place. Funding secured for a busy drill calendar. Each assay can build scale and tighten the window for early entries as EVs and data centers pull harder on copper. Do not wait.

A cargo aircraft skids off a Hong Kong runway into the sea, killing 2 people

HONG KONG (AP) — A cargo aircraft skidded off a Hong Kong runway into the sea when landing early Monday, killing two people.

Chamath Palihapitiya Sees Current Tech Giants Having An Upper Hand In AI Wars: 'Google Has A Huge Runway'

Chamath Palihapitiya says incumbents will win the AI race, arguing Google's "huge runway" and "massive distribution" gives it the edge.

New Number One Copper Start Alert

New Number One Copper Start Alert - Ad

Trump's immigration crackdown weighs heavy on the US labor market

Maria worked cleaning schools in Florida for $13 an hour. Every two weeks, she’d get a $900 paycheck from her employer, a contractor. Not much — but enough to cover rent in the house that she and her 11-year-old son share with five families, plus electricity, a cellphone and groceries.

IonQ, D-Wave Quantum, Rigetti Computing Surge Over 11% Pre-Market: What's Going On?

Shares of IonQ Inc. (NYSE: IONQ), Rigetti Computing (NASDAQ: RGTI), and D-Wave Quantum (NYSE: QBTS) surged in premarket trading on Thursday.

Central Banks Are Buying More Gold Than Ever-And This U.S. Miner Is Ready to Oblige

Central Banks Are Buying More Gold Than Ever-And This U.S. Miner Is Ready to Oblige - Ad

Central banks are rapidly increasing their gold reserves-now nearly 20% of global assets. With rising demand and geopolitical pressure, U.S. gold supply is becoming more strategic than ever.

L3Harris Lands $2.26 Billion South Korea Air Defense Contract

L3Harris won a $2.26B deal to deliver modified Bombardier Global 6500 AEW&C aircraft to the South Korean Air Force.

Magnolia Oil & Gas Gets Upgrade On Strong Finances, Brighter Oil Outlook

KeyBanc raised Magnolia Oil & Gas to Overweight with a $29 target, citing a defensive profile and disciplined growth outlook.

Why Are 21 Billionaires Moving Their Money ASAP?

Why Are 21 Billionaires Moving Their Money ASAP? - Ad

Chinese leader Xi Jinping outlines 5-year plan at closed-door Communist Party meeting

BEIJING (AP) — Chinese leader Xi Jinping delivered a speech Monday on the opening day of of the ruling Communist Party to approve a draft plan laying out its goals for the country over the next five years.

Trending Now