Robotics AI software developer Physical Intelligence is in talks to raise at least $1 billion at a valuation of approximately $20 billion, nearly doubling its previous valuation of $11.5 billion from earlier this year. Existing investors Avenir and Lux Capital are negotiating to lead the round. The company currently has no revenue, according to sources familiar with the matter. Founded in 2024 by former Google DeepMind researchers and academics from Stanford and UC Berkeley, Physical Intelligence develops AI software capable of running on various third-party hardware to support a range of robot actions. Its investor base includes Alphabet's CapitalG, Jeff Bezos, and Thrive Capital. Recent job postings indicate the team is training robots to perform everyday household tasks. Earlier this month, the company opened access to fine-tuning its latest robot model for external developers, though it remains in testing stage.