An artificial intelligence (AI) Robotics company, Covariant recently secured $80 million in Series C funding and grew its consolidated capital to $147 million within two years of its public launch. Amplify Partners and Radical Ventures also participated in the round, with Index Ventures leading the way. New investors added to Covariant include Temasek and Canada Pension Plan Investment Board (CPP Investments). The funding will be used by Covariant to continue its investment in research and development (R&D) in AI Robotics, to grow its global team, and to accelerate integrating AI into the physical world.
Covariant CEO Peter Chen, stated, “As of today, the Covariant Brain is powering a wide range of industrial robots to manage order picking, putwall, sorter induction– all for companies in various industries with drastically different types of products to manipulate. The breadth of use demonstrates the Covariant Brain can help robots of different types to manipulate new objects they’ve never seen before in environments where they’ve never operated.”
Since its release last year, Covariant Brain, a universal AI for robot manipulation, has been successfully deployed across a variety of industries such as Fashion, Healthcare, Industrial Supply, Pharmaceuticals, Grocery, and General Merchandise. Through the Covariant Brain, customers from a variety of industries can access robots that share the human level of autonomy for the first time. According to the various deployments, the company has consistently and reliably performed on the benchmarks set by the leading companies in their fields to assess autonomy in public and private environments.
Mike Volpi of Index Ventures, said, “With Covariant rolling out multiple applications in warehouses across Europe, North America, and Asia-Pacific over the last year, it’s the first time that AI Robotics has been successful at this scale with such variability. Covariant consistently outperforms the competition in tests by prospective clients to benchmark autonomy in real-world operations. While the company is proving the value of AI robotics in the supply chain, we predict Covariant AI will expand far beyond the realm of warehouses.”