Why aren’t hundreds of millions of intelligent robots already operating in the physical world? In this episode of NEXT with John Koetsier, John speaks with Seth Winterroth, partner at Eclipse, about the rapidly changing robotics investment landscape, the rise of physical AI, and the race to build the next generation of autonomous machines. They explore whether the world really needs hundreds of humanoid robotics companies, why timing matters as much as technology, and why some robotics startups may need to build the entire stack ... from hardware and embedded software to AI models, evaluation systems, and deployment infrastructure. The conversation also covers Genesis AI, Wayve, Project Prometheus, Apptronik, Figure, 1X, autonomous vehicles, delivery drones, industrial automation, surgical robotics, and the future of robots in the home. Topics include: • Why robots still aren’t widely deployed • The five forces driving robotics investment • Whether 400 humanoid robotics companies are too many • Full-stack versus platform-based robotics strategies • The challenge of achieving reliability and safety • When useful home robots may finally arrive • Why autonomous vehicles are already robots • The industries likely to adopt robotics first • The future of manufacturing, logistics, transportation, and surgery • What the next major robotics inflection point could be Seth Winterroth is a partner at Eclipse, an investment firm focused on companies transforming physical industries. Eclipse has backed robotics and automation companies including Genesis AI, Wayve, MiND Robotics, Foxglove, and Third Wave Automation. Subscribe to NEXT for more conversations about AI, robotics, emerging technology, and the companies shaping the future. 00:00 Why aren’t robots everywhere yet? 00:37 Introducing Seth Winterroth 01:03 The robotics investment landscape 02:00 Seth’s background in applied robotics 03:01 The five forces accelerating robotics 04:04 Are there too many humanoid robot companies? 05:00 Creative destruction in robotics 06:02 How investors pick the winners 06:38 Why robotics companies need velocity 07:00 The danger of being too early or too late 07:51 How Wayve benefited from entering later 08:36 Project Prometheus and the $10 billion seed round 09:05 Why Genesis AI is building full stack 10:01 Full-stack robotics versus foundation-model platforms 11:03 The dirty secret: Where are all the robots? 12:03 Reliability, safety, and deployment friction 12:39 The challenge of vertical integration 14:02 What robotics companies should build themselves 15:03 Capital requirements and the robotics J-curve 16:01 How robotics companies can scale rapidly 16:39 When humanoid robots may reach the market 17:04 Figure, 1X NEO, Unitree, and AgiBot 18:24 A broader definition of robotics 19:04 Are cameras and dishwashers robots? 19:39 Autonomous vehicles as embodied AI 20:23 Why transportation autonomy could be transformational 21:05 Why humanoids still have a long way to go 21:44 One general-purpose robot or many specialized machines? 22:35 What will make home robots successful? 23:39 Finding the minimum viable home robot 24:20 Physical and digital products 25:04 Why the App Store model matters for robotics 26:05 How robots will gain new capabilities over time 26:35 The brutal economics of consumer robotics 27:12 Consumers buy outcomes, not robots 27:48 Robotics beyond humanoids 28:18 Kiva Systems and the modern robotics era 29:05 Why constrained environments win first 30:02 Robotics in automotive manufacturing and logistics 31:02 Eclipse’s robotics portfolio 31:31 When robots will begin walking among us 32:03 The next major robotics inflection point 32:42 Escaping the trough of disillusionment 33:29 Why autonomous transportation is nearly solved 34:04 How self-driving changes cities and society 34:36 The future of robotic surgery 35:01 Delivery drones and regulatory barriers 35:39 Closing thoughts
