Peter Thiel’s Founders Fund loses one of first partners to emeritus role
Entrepreneur Brian Singerman (R) and Noelle Moseley arrive at the Tenth Breakthrough Prize Ceremony at the Academy Museum of Motion Pictures in Los Angeles, California, on April 13, 2024.
Etienne Laurent | Afp | Getty Images
Brian Singerman, one of the earliest employees of Peter Thiel’s Founders Fund, said on Tuesday that he’s stepping down as a general partner.
Singerman, who joined the firm 17 years ago and became a partner four years later, wrote in a post on X that he’s moving into the role of partner emeritus and will stay on as an “investor and strategic advisor.” Singerman is best known for supporting the firm’s investments in Elon Musk’s SpaceX and defense-tech companies like Anduril.
In exiting the partner ranks, Singerman leaves Founders Fund with three general partners: Thiel, Napoleon Ta and Trae Stephens.
Thiel helped launch Founders Fund in 2005 and has since turned it into one of the leading venture firms in the country, thanks to early bets on Facebook, SpaceX and Palantir, which he co-founded. Keith Rabois left the firm earlier this year and returned to Khosla Ventures, where he worked before joining Thiel.
“From its inception and still today, FF is the place where talented, unconventional thinkers are encouraged to follow their convictions and make world-changing bets,” Singerman wrote in his post.
It’s been a tough few years for the venture industry, with IPOs virtually drying up in late 2021 due, at the time, to rising inflation and interest rates. There have been signs of life of late, with a few companies indicating plans to go public next year, but the highest-valued private companies have yet to indicate when they’ll test out the market.
Bloomberg reported on Monday that SpaceX is considering a tender offer that would value the rocket company at $350 billion, up from $210 billion earlier this year.
Technology
Figure AI sued by whistleblower who warned that startup’s robots could ‘fracture a human skull’
Startup Figure AI is developing general-purpose humanoid robots.
Figure AI
Figure AI, an Nvidia-backed developer of humanoid robots, was sued by the startup’s former head of product safety who alleged that he was wrongfully terminated after warning top executives that the company’s robots “were powerful enough to fracture a human skull.”
Robert Gruendel, a principal robotic safety engineer, is the plaintiff in the suit filed Friday in a federal court in the Northern District of California. Gruendel’s attorneys describe their client as a whistleblower who was fired in September, days after lodging his “most direct and documented safety complaints.”
The suit lands two months after Figure was valued at $39 billion in a funding round led by Parkway Venture Capital. That’s a 15-fold increase in valuation from early 2024, when the company raised a round from investors including Jeff Bezos, Nvidia, and Microsoft.
In the complaint, Gruendel’s lawyers say the plaintiff warned Figure CEO Brett Adcock and Kyle Edelberg, chief engineer, about the robot’s lethal capabilities, and said one “had already carved a ¼-inch gash into a steel refrigerator door during a malfunction.”
The complaint also says Gruendel warned company leaders not to “downgrade” a “safety road map” that he had been asked to present to two prospective investors who ended up funding the company.
Gruendel worried that a “product safety plan which contributed to their decision to invest” had been “gutted” the same month Figure closed the investment round, a move that “could be interpreted as fraudulent,” the suit says.
The plaintiff’s concerns were “treated as obstacles, not obligations,” and the company cited a “vague ‘change in business direction’ as the pretext” for his termination, according to the suit.
Gruendel is seeking economic, compensatory and punitive damages and demanding a jury trial.
Figure didn’t immediately respond to a request for comment. Nor did attorneys for Gruendel.
The humanoid robot market remains nascent today, with companies like Tesla and Boston Dynamics pursuing futuristic offerings, alongside Figure, while China’s Unitree Robotics is preparing for an IPO. Morgan Stanley said in a report in May that adoption is “likely to accelerate in the 2030s” and could top $5 trillion by 2050.
Read the filing here:
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