27.July.2021 – Covariant, a Berkeley-based AI startup, announced that it raised USD 80 Million in a Series A round. This Series C investment was led by the existing backers, Index Ventures featuring Temasek, Amplify Partners, Radical Ventures and CPPIB.
Last year in May Covariant closed its Series B with USD 40 Million, with total funding of USD 67 Million. With this investment round the total funding of the startup is valued at USD 147 Million.
“Companies across multiple industries had already been looking to realize significant gains with AI robotics and with COVID-19, market demands then increased by an order of magnitude. Combining this with our last year of successes, our investors are keen to double down. We’ll use the funding to significantly accelerate our global expansion and grow our current lead in a competitive industry.” – President, chief scientist and co-founder, Covariant.
About Corvariant
Covariant was founded in 2017, having its headquarters in Berkeley. It was initiated by Peter Chen, Pieter Abbeel, Rocky Duan, and Tianhao Zhang. The startup has a workforce of 80 people. It will use the funding to increase the workforce “substantially”.
It has deployed its technology in various markets in North America, Asia and Europe, across a wide sector, from fashion to grocery to pharmaceuticals.
“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.” – said Peter Chen, CEO.
The existing customers of Covariant include Bastian, ABB, Obeta and Knapp.
“Forward-looking customers value our platform approach since it allows them to future-proof their long-term modernization strategy,” Abbeel says. “The Covariant Brain has unlimited learning potential to act on multiple applications across the warehouse. Our current deployments are just the tip of the iceberg on everything that AI Robotics can do for the supply chain and beyond,” said Pieter Abbeel.
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