Figure Founder Adcock Raises $700M for New AI Hardware Bet Hark

SAN FRANCISCO: Brett Adcock has raised over $700 million for his new AI hardware startup, Hark, pushing its valuation to $6 billion including the latest round. The Series A funding was announced on May 21 and was led by Parkway Venture Capital.

The round also saw participation from some of the biggest names in the chip industry, including Nvidia, AMD Ventures, Intel Capital, and Qualcomm Ventures, along with Brookfield and Salesforce Ventures, making it one of the rare deals to bring together virtually every major semiconductor company under one investment.

Adcock is no stranger to building high-value companies. He previously founded Figure, a humanoid robotics company now valued at over $39 billion, and before that built and sold Archer, a flying car startup. His strong track record of creating category-defining companies is widely seen as a key reason why Hark has commanded such a staggering valuation at the Series A stage.

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Parkway Venture Capital backed Figure’s earlier rounds as well. The firm’s continued conviction reflects deep familiarity with Adcock’s execution patterns. Series A rounds rarely hit $6 billion valuations even in today’s frenzied AI market.

Specific details about Hark’s product remain undisclosed at this stage. The company positions itself as an AI-focused hardware startup broadly. The chip-vendor investor mix signals deep silicon integration across the product roadmap.

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Strategic participation from Nvidia, AMD, Intel, and Qualcomm proves particularly unusual. The four chip giants rarely co-invest in single rounds together. Each likely views Hark as a meaningful customer for future processor generations.

Salesforce Ventures’ inclusion suggests potential enterprise software integrations on the roadmap. Brookfield brings infrastructure-scale capital commitments to the cap table. The combination supports both hardware development and large-scale deployment.

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The funding lands amid surging investor appetite for AI hardware companies broadly. Cerebras priced its $5.5 billion IPO just last week to strong demand. SpaceX, Anthropic, and OpenAI all push aggressive compute infrastructure plays.

Hark will likely unveil products and use cases over coming months. Adcock typically operates with minimal early disclosure before major launches. The company has not announced timing for any public product reveal.