AI robotics company Covariant receives $75M in Series C funding

Covariant, an AI robotics company, recently raised an additional $75 million (USD) in Series C funds. The latest addition brings its total funding to $222 million.

Returning investors include Canada Pension Plan Investment Board, Radical Ventures, Index Ventures and Amplify Partners. The round also welcomed new investors Gates Frontier Holdings, AIX Ventures and Northgate Capital.

The company will use the funds to meet the demands of its customers’ warehouse and logistics needs for quick deployment of robotic picking solutions.

“The leading companies have turned to AI robotics to automate their most manual operations in order to decrease labour costs, increase throughput and control profitability,” says Peter Chen, CEO of Covariant.

Since its initial Series C in 2021, the company has taken its AI platform – the Covariant Brain – and applied it to a broad set of piece-picking and case-picking applications that represent manual warehouse operations. The company’s product portfolio has grown to include order sortation, item induction, good-to-person order picking, kitting and depalletization solutions – all powered by a unified AI platform. Connected robots learn as a fleet – enabling operational improvements to automatically propagate across customers’ networks.

Mike Volpi, partner at Index Ventures, believes Covariant maintains a strong competitive advantage amidst an increasingly compelling market. “Many companies are trying to break into the AI Robotics space, but Covariant has been making significant progress for years now. I’m confident that their team, which represents the best minds in AI, and their approach of deploying a unified AI platform are shaping the future of automation, and look forward to the additional progress they’ll make in the years ahead,” he says.