Covariant, an AI Robotics company, announced it has raised $80 million in Series C funding, bringing its total capitalisation to $147 million within two years of the company’s public launch. The round was led by returning investors, Index Ventures, with the additional participation of Amplify Partners and Radical Ventures. Covariant also added new global investors, Temasek and Canada Pension Plan Investment Board (CPP Investments). Covariant will use the funding to continue its investment in AI Robotics research and development (R&D), as well as growing its team globally, and accelerate bringing AI into the physical world.
In the last year, the Covariant Brain, a universal AI for robotic manipulation, has been successfully deployed across a wide range of industries including Fashion, Health and Beauty, Industrial Supply, Pharmaceutical, Grocery, Parcel and General Merchandise. The Covariant Brain draws on its experiences across settings, verticals, and continents to allow customers from diverse industries to operate robots at human-level autonomy. The variety of deployments are evidence of the company’s consistent and reliable performance on benchmarks set by leading companies in their respective industries to assess autonomy in real-world conditions.
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Covariant CEO Peter Chen added, “As of today, the Covariant Brain is powering a wide range of industrial robots to manage order picking, put wall, 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.”