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

Global Demand for Defense Metals Is Surging 7X - Ad

All 4 Major Banks Race to Adopt 'Trump Dollars' - Ad

Legally "Skim" $6,361 Into Your Account? - Ad

WASHINGTON (AP) — The Democratic senators — eight in total — faced almost instant blowback from members of their own party as to allow the Senate to move forward on that would reopen the government.

Veterans Day: What's open, what's closed

WASHINGTON (AP) — The Veterans Day holiday began more than a century ago, albeit under a different name, as a celebration of the end of World War I. Over time its name and purpose evolved into a day of recognition for of as well as those currently serving in uniform.

The U.S. Wants Metal Independence - And This Nevada Opportunity Fits the Moment

The U.S. Wants Metal Independence - And This Nevada Opportunity Fits the Moment - Ad

Washington's push for domestic copper, silver, gold, and tungsten is reshaping the resource landscape. Their neighbor's multi-metal hits, supported by $6M in federal funding and a 300%+ YTD surge, confirmed this Nevada corridor is the right kind of ground. Now another early-stage explorer has stepped into the same trend as interest accelerates.

Satoshi Nakamoto's Wealth Takes a 34% Hit as Bitcoin Plummets

Satoshi Nakamoto, the elusive creator of Bitcoin (CRYPTO: BTC), has witnessed a 34% drop in his net worth, which now stands at $90.7 billion.

Bitcoin Plunge Traps Over 70% of Capital, Market Sentiment Hits New Low

The value of Bitcoin (CRYPTO: BTC) has dropped below $80,000, trapping over 70% of active capital in unrealized losses, a clear indication of significan

Elon's New Device Could Launch Biggest IPO of the Decade

Elon's New Device Could Launch Biggest IPO of the Decade - Ad

Elon Musk's new device is being called a "game-changer"-and even the White House is using this tech. Jeff Brown says it could launch Musk's next trillion-dollar company and make early investors rich. You can claim a stake now for as little as $500.

Trump attacks ABC News correspondent Mary Bruce in angry response to three sharp questions

NEW YORK (AP) — President Donald Trump denounced ABC News' Mary Bruce as a “terrible reporter” Tuesday and threatened the network's license to broadcast after she asked him three sharp questions at the White House.

Marjorie Taylor Greene Goes Bargain Shopping, Discloses Buying These Two Stocks At 52-Week Lows

Congresswoman Marjorie Taylor Greene disclosed some new stocks recently. Unlike past trades in 2024 and 2025, the latest disclosure is rather unique.

Why Is a $116B Mining Giant Backing a $10M Firm?

Why Is a $116B Mining Giant Backing a $10M Firm? - Ad

Rio Tinto rarely makes early-stage bets. Yet one small N. American firm earned its trust with projects in lithium, uranium, and titanium - all vital to U.S. defense and energy independence.

Why Universal Technical Institute Is Not A Value Play Yet

Why further downside may still be ahead for the shares of Universal Technical Institute even after a sharp 20% drop.

AP mapping shows France's poorest regions backing Le Pen's party as support for Macron wanes

PARIS (AP) — The date was May 7, 2017. Addressing cheering supporters, the newly elected leader of France, , made a promise that now, in his waning 18 months as president, lies in tatters.

Trump's New Plan to Avert a Debt Crisis

Trump's New Plan to Avert a Debt Crisis - Ad

While the media focuses on tariffs and tax cuts, Trump quietly signed Senate Bill 394 - legislation that could end the debt crisis, fight inflation, and restore dollar supremacy. Wall Street insider Louis Navellier says this new law will affect how you spend, invest, and save for years to come.

Trump Withdraws Support For 'Wacky' Marjorie Taylor Greene In Sudden, Fiery Split: 'I Can't Take...'

President Donald Trump said he is withdrawing his endorsement of longtime ally Rep. Marjorie Taylor Greene — here's what happened.

Cameron Winklevoss Digs Up News Report From 2013 To Make A Point About Bitcoin: 'You Will Miss Out On The World's Greatest Opportunities...'

Gemini co-founder Cameron Winklevoss took potshots Sunday at the British daily newspaper Financial Times for its 12-year-old article that predicted Bitcoin (CRYPTO: BTC) would become the next “bubble.”

America Wants Less Reliance on Foreign Metals - And This Nevada Play Fits the National Shift

America Wants Less Reliance on Foreign Metals - And This Nevada Play Fits the National Shift - Ad

The U.S. is working to reduce dependence on China and Russia for strategic metals like copper, silver, gold, and tungsten. Guardian Metal's recent results confirmed these metals are active in this Nevada corridor - and its stock is up 300%+ YTD. A new explorer on the same belt is entering early as America pivots back to domestic supply.

China announces restrictions on chemicals after deal with Trump on fentanyl tariffs

WASHINGTON (AP) — China said Monday it is making good on its pledge to crack down on chemicals that can be used to make fentanyl, a key issue for President during recent talks with Chinese leader as they aimed to .

Warren Buffett Initiates Alphabet Position, Trims Apple In Q3 — Here Are Berkshire's Moves

Warren Buffett's Berkshire Hathaway took a new stake in a member of the Magnificent Seven, while lowering its stake in Apple in the third quarter.

The Market Just Crossed a Dangerous Line

The Market Just Crossed a Dangerous Line - Ad

The man who predicted the 2008 crash and 2020 says today's soaring markets are NOT a bubble - they're something far stranger and more dangerous. He says it's about to change everything you know about money.

Sawyer Merritt Threatens To Move Assets If Charles Schwab Votes Against Elon Musk's Tesla Pay Package: 'I Can't In Good Conscience...'

Sawyer Merritt criticizes Charles Schwab for voting against Musk's $1 trillion pay package, threatening to move assets.

At 101, WWII veteran Irving Locker has become a songwriter

NASHVILLE (AP) — In a life filled with milestones, Irving Locker celebrated a new, unexpected one last week: He became a published songwriter.

Elon's Optimus to Mint New "Musk Millionaires" as Soon as Jan 26?

Elon's Optimus to Mint New "Musk Millionaires" as Soon as Jan 26? - Ad

Elon Musk may be set to create more "Musk Millionaires" as soon as January 26... Because on that day, he's expected to officially launch his Optimus robot... An AI-powered robot that Elon himself says will be capable of "doing anything bar nothing". Now, it's important to point out that Elon hasn't released it to the public yet... But ahead of the launch, one Silicon Valley insider has identified a "backdoor way" for any American to invest in Optimus with a regular brokerage account...

Jim Cramer: Chipotle Is 'Too Expensive,' Buy This Plane Maker

On "Mad Money," Cramer discusses Henry Schein, Bloom Energy, Tyler Technologies, Boeing and Chipotle Mexican Grill.

Supreme Court Grants Stay On Texas Congressional Map, AG Ken Paxton Says

The Supreme Court temporarily blocked a lower court's injunction on Texas' new congressional map.

Global Demand for Defense Metals Is Surging 7X

Global Demand for Defense Metals Is Surging 7X - Ad

Lithium, uranium and titanium are at the center of a global race. Nations are scrambling to secure them for fighter jets, EVs, and reactors. One N. American project could help fill the West's critical-minerals gap.

Hedera Gets Its First ETF: Canary's HBAR Fund Lets Investors Tap Into The Tokenization Boom

Canary Capital Group’s new fund, the Canary HBAR ETF (NASDAQ:HBR), launched on Oct 28, marking a significant expansion of investors’ access to digital assets outside of Bitcoin and Ethereum.

Nvidia, AMD Lead Semiconductor Rally After Taiwan Semiconductor's Strong October Sales

Semiconductor stocks rise as tech giants reaffirm commitment to AI-driven investment and Taiwan Semiconductor reports strong revenue growth.

All 4 Major Banks Race to Adopt 'Trump Dollars'

All 4 Major Banks Race to Adopt 'Trump Dollars' - Ad

JPMorgan Chase, Bank of America, Wells Fargo, and Citigroup are all rushing to adopt a new, upgraded version of the U.S. dollar that President Trump authorized this past summer. But acclaimed analyst, Louis Navellier, believes this isn't just a minor upgrade - it's a complete transformation to American money.

Asian shares advance as tech shares rebound from AI jitters

BANGKOK (AP) — Asian shares advanced on Monday, lifted by technology shares as they rebounded from last week’s jitters over the run up in stocks related to artificial intelligence.

Meta Allegedly Concealed Evidence Of Social Media Harm, According To Court Filings: Report

Meta Platforms Inc. allegedly hid evidence of social media harm by shutting down a study on Facebook and Instagram's impact on mental health.

Legally "Skim" $6,361 Into Your Account?

Legally "Skim" $6,361 Into Your Account? - Ad

A former hedge fund manager is now sharing his "Skim Codes" with regular people. They're not stocks. They're not crypto. They're 18-character codes designed to profit from recent market conditions. All you have to do is punch them into an ordinary brokerage account. 84% of these codes have given people the chance to generate cash payouts so far... and his next code is going out any day now.

Is The Market Now Just The Mag-7? Investors Call Tech Concentration A Major Risk

AAII survey confirms growing concern over concentration of mega-cap tech stocks in S&P 500. Sentiment improving but not confident.

DOGE Disbands 8 Months Before Expiration Date: 'Office Doesn't Exist,' Says Trump's OPM Director

Trump's effort to shrink govt. through DOGE has disbanded. OPM absorbed its duties. Alumni moved to other jobs. Musk made $2T savings promise.

The U.S. Wants Metal Independence - And This Nevada Opportunity Fits the Moment

The U.S. Wants Metal Independence - And This Nevada Opportunity Fits the Moment - Ad

Some Social Security Recipients Won't Have To Wait Until 2026 For COLA Hike

Social Security and SSI recipients will receive a 2.8% cost-of-living adjustment in 2026, with SSI beneficiaries seeing the increase a day earlier due to a federal holiday.

Elon Musk Backs El Salvador's Bitcoin-Supporting President On 'Tough' Prison System As Crime Deterrent, Says 'It Is the Only Way'

Tesla and SpaceX CEO Elon Musk backed on Sunday, November 23, El Salvador President Nayib Bukele's view that strong law enforcement and a well-managed prison system are key to reducing crime.

Elon's New Device Could Launch Biggest IPO of the Decade

Elon's New Device Could Launch Biggest IPO of the Decade - Ad

Trump Nominates Jared Isaacman For NASA Administrator — Elon Musk Reacts

Elon Musk's ally Jared Isaacman nominated for NASA Administrator by President Donald Trump amid SpaceX's Artemis push.

Uber CEO Dara Khosrowshahi Sees A 'Hybrid Future' Of Robotaxis And Human Drivers, Says AVs On Its Platform Can Make More Money

Uber CEO outlines hybrid future for company's platform amid autonomous driving push. Says AVs can generate more earnings on Uber platform.

Why Is a $116B Mining Giant Backing a $10M Firm?

Why Is a $116B Mining Giant Backing a $10M Firm? - Ad

Rio Tinto rarely makes early-stage bets. Yet one small N. American firm earned its trust with projects in lithium, uranium, and titanium - all vital to U.S. defense and energy independence.

Cathie Wood Makes $13.4 Million Bet On This Social Network After Earnings Crash — But Dumps Robinhood And Reddit

Ark Invest made significant trades, focusing on Pinterest, Robinhood, and Reddit amid earnings reports. They have confidence in Pinterest's potential despite recent setbacks.

Trending Now