California’s EMERYVILLE — The foremost AI robotics firm in the world, Covariant, revealed that it had raised an additional USD 75 million in Series C investment, bringing its total capital to USD 222 million. The round was co-led by returning investors Radical Ventures and Index Ventures, and it also included money from Amplify Partners and the Canada Pension Plan Investment Board. Northgate Capital, AIX Ventures, and Gates Frontier Holdings were also welcomed as new investors in the round.
The funds will be utilized to ensure that today’s top retailers and their logistics partners can swiftly use robotic picking without interfering with their ongoing business operations, ensuring that they benefit from the technology right now. This occurs at a time when retail executives are eager to invest in AI-powered robotic automation. According to a Covariant-led research survey from February 2023, over 80% of retail leaders view automation as a critical solution for navigating operational uncertainty in an unpredictable marketplace.
To save labour costs, boost throughput, and manage profitability, the top businesses are automating their most laborious processes using AI robotics, according to Peter Chen, CEO of Covariant. “With a 6x growth in 2022, Covariant has had a fantastic year, and we’re only getting started. This additional financial injection enables us to grow even more quickly, guaranteeing that more retailers can automate more aspects of their fulfillment networks to eliminate manual bottlenecks, manage varying demand, and better prepare for ever-changing business requirements.
Since its original Series C in 2021, Covariant has successfully implemented its market-leading AI platform, the Covariant Brain, to a wide range of piece-picking and case-picking applications that reflect the manual warehouse operations of the present. Order sortation, item induction, good-to-person order selecting, kitting, and depalletization solutions have all been added to the company’s product range in less than two years. They are all supported by a single AI platform. Retailers, 3PLs, and warehouse integration providers may utilize the same AI platform to power a range of robotic systems independent of use case, facility type, or location by utilizing the first robotics foundation model. Networked robots can collectively learn, allowing for the automated spread of operational improvements throughout client networks.
“Covariant has demonstrated its position as the top AI robotics business in the world by successfully deploying robots on a large scale to safeguard international supply chains. Even during economic instability, this aids companies in increasing customer trust, retailer confidence, and profitability, according to Jordan Jacobs, managing partner of Radical Ventures.
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