Covariant, an Emeryville, CA-based AI robotics company, announced that it raised an additional $75 million in Series C funding, bringing its total funding to $222 million.
The round was co-led by Radical Ventures and Index Ventures, with participation from the Canada Pension Plan Investment Board and Amplify Partners, as well as new investors Gates Frontier Holdings, AIX Ventures, and Northgate Capital.
The funds will be utilized to ensure that today's leading merchants and logistics providers can introduce robotic picking fast and without disrupting their current operations, ensuring that they experience value on day one.
“The leading companies have turned to AI robotics to automate their most manual operations in order to decrease labor costs, increase throughput, and control profitability,” said Peter Chen, CEO, of Covariant. “The past year for Covariant has been incredible with 6x growth in 2022–and we are just getting started. This infusion of new capital allows us to scale even faster, ensuring more retailers can automate more parts of their fulfillment networks to remove manual bottlenecks, handle fluctuating demand, and better prepare for ever-changing business needs.”
In less than two years, the company’s product portfolio has grown to include order sortation, item induction, good-to-person order picking, kitting, and depalletization solutions–all powered by a unified AI platform.
By leveraging the first foundation model for robotics, retailers, 3PLs, and warehouse integration providers are able to leverage the same AI platform to power a variety of robotic systems regardless of use case, facility type, or location.
Company: Embodied Intelligence Inc.
Raised: $75.0M
Round: Series C
Funding Month: March 2023
Lead Investors: Radical Ventures and Index Ventures
Additional Investors: Canada Pension Plan Investment Board, Amplify Partners, Gates Frontier Holdings, AIX Ventures, and Northgate Capital
Company Website: https://covariant.ai/
Software Category: AI Robotics Platform
About the Company Founded in 2017 with a simple goal: helping robots learn how to better pick up objects, Covariant is an artificial intelligence software company that specializes in creating products that can be used to teach robots new skills. Covariant is building the Covariant Brain, a universal AI that enables robots to see, reason, and act on the world around them. The company's software engages in deep imitation learning, deep reinforcement learning, and meta-learning, enabling clients to program a robot by simply donning a VR headset and guiding the robot through a task.
Source: https://covariant.ai/covariant-adds-75m-in-series-c-funds-to-meet-customer-demand-for-scaled-ai-robotics-deployments/