Physical Intelligence, the San Francisco-based robotics startup founded two years ago, is reportedly in talks to secure around $1 billion in fresh funding at a valuation surpassing $11 billion, as per Bloomberg. This agreement would essentially double the firm’s valuation of $5.6 billion within a mere four months.

Founders Fund is expected to be involved, with Lightspeed Venture Partners also in discussions to invest alongside previous supporters Thrive Capital and Lux Capital, according to Bloomberg. The negotiations are still in the preliminary phases, and specifics may alter, the outlet noted.

In January, TechCrunch visited the headquarters of Physical Intelligence, where co-founder Sergey Levine articulated the company’s vision succinctly: “Imagine it as ChatGPT, just for robots.” At that point, the firm had raised slightly over $1 billion and employed approximately 80 individuals focused on developing general-purpose AI models capable of enabling robots to execute an array of tasks, including folding laundry and peeling vegetables.

Co-founder Lachy Groom mentioned to TechCrunch that the company does not have a set timeline for commercialization, a stance that its investors appear to accept. “There’s no cap on how much funding we can realistically deploy,” Groom stated. “There’s always additional computing power you can apply to the challenge.”