AI Robotics Startup Covariant Raises $40 Million In Funding

AI Robotics Startup Covariant Raises $40 Million In Funding

by NeoTech Post

Covariant, an AI robotics company, raised $40 million in Series B funding, bringing its total funding to $67 million. 

The round was led by Index Ventures and Radical Ventures with participation from existing investor Amplify Partners and others. 

As a part of the investment, Mike Volpi, partner at Index Ventures, will be joining Covariant’s board.

Covariant will use the latest funding to accelerate its partnerships, introduce AI Robotics to new industries, and grow its research, engineering, and commercial teams. 

From food distribution to healthcare to e-commerce, the global supply chain faces unprecedented pressure to deliver orders quickly, reliably, and efficiently while keeping workers safe, and according to the company, automation is the key to meeting those challenges.

While repetitive and predictable tasks like the movement of goods have successfully been automated, complex and unpredictable tasks that require hands, such as picking, placing, and unloading, have not. Traditional automation can’t handle the constant change and infinite variability of these tasks. Automating them requires advanced AI that can understand, learn and adapt.

Founded in 2017, Covariant is building the Covariant Brain, a universal AI that enables robots to see, reason, and act autonomously in the real world. Covariant robots learn general abilities such as robust 3D perception, physical affordances of objects, few-shot learning, and real-time motion planning, which gives them the intelligence to learn how to manipulate new objects they’ve never seen before in environments where they’ve never operated.

“As the coronavirus crisis has exposed serious frailty in the global supply chain, we’re seeing more demand than ever for our AI Robotics solutions,” said Peter Chen, Covariant CEO and co-founder. 

“Our customers are eager to invest in AI and scale it across their supply chains to meet growing demands and more stringent requirements. This latest funding round, along with our recent partnerships, will allow us to scale quickly across multiple industries.”

Image Credit: Covariant