Covariant Raises $80 Million for Robotic AI Development
Covariant Secures $80 Million in Series C Funding
Last May, Covariant announced a $40 million Series B funding round. This represented a significant investment for the relatively new company, increasing its total funding to $67 million. Now, just over a year later, the Berkeley-based AI startup has secured an additional $80 million in funding.
This latest investment is fueled by a surge in interest surrounding robotics and AI, a trend dramatically accelerated during the pandemic. Pieter Abbeel, president, chief scientist, and co-founder, explained to TechCrunch that companies were already seeking gains through AI robotics.
He further stated that the COVID-19 pandemic amplified market demands exponentially. Combined with the company’s recent successes, investors were eager to increase their commitment. The new capital will be used to accelerate global expansion and solidify its leadership position within a highly competitive landscape.
Series C Funding Details
The Series C round was spearheaded by existing investor Index Ventures, with participation from Amplify Partners, Radical Ventures, CPPIB, and Temasek. This brings the total funding received by Covariant to $147 million.
The funding is intended to support the development of what the company terms “universal AI for robotic manipulation.” The term “universal” is central to the functionality of the Covariant Brain, which has already demonstrated its adaptability in the two years since its initial release.
Currently, Covariant employs nearly 80 individuals. A portion of the funding will be allocated to significantly expanding its workforce.
Recent additions to the leadership team include Raghavendra Prabhu as Head of Engineering and Research, Ally Lynch as Head of Marketing, and Sam Cauthen as Head of People.
Global Deployment and Applications
Covariant’s technology is currently deployed across North America, Europe, and Asia. It serves a diverse range of sectors requiring pick-and-place capabilities, including grocery, fashion, and pharmaceuticals.
According to CEO Peter Chen, the Covariant Brain is now powering industrial robots to handle tasks such as order picking, putwall operations, and sorter induction. These robots are utilized by companies across various industries, manipulating a wide variety of products.
The system’s ability to enable robots to handle unfamiliar objects in new environments highlights the versatility of the Covariant Brain.
Notable existing customers include Obeta, Knapp, ABB, and Bastian.
Future Outlook
Abbeel emphasizes that forward-thinking customers appreciate the platform approach, as it allows them to future-proof their modernization strategies. The Covariant Brain possesses extensive learning capabilities, enabling it to be applied to multiple warehouse applications.
He believes that current deployments represent only a small fraction of the potential benefits that AI robotics can bring to the supply chain and beyond.
The company’s technology is poised to revolutionize automation across numerous industries.
