AI Robotics startup Covariant secured $80 Million in Series C funding


Covariant, a California based AI Robotics Company, has now secured $80 million in a Series C funding round.

Covariant is founded by Peter Chen in the year 2017. It is building the Covariant Brain, a universal AI that allows robots to see, reason, and act on the world around them. The Covariant Brain has been deployed across several industries, which includes the Parcel, Pharmaceutical, Industrial Supply, Health, Fashion, and General Merchandise.

Executive Opinion

Mike Volpi of Index Ventures said, "With Covariant rolling out multiple applications in warehouses across Europe, North America and Asia-Pacific over the last year, it's the first time that AI Robotics has been successful at this scale with such variability. Covariant consistently outperforms the competition in tests by prospective clients to benchmark autonomy in real-world operations. While the company is proving the value of AI robotics in the supply chain, we predict Covariant AI will expand far beyond the realm of warehouses."

Covariant CEO Peter Chen, said, "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."

Covariant's Latest Funding

The round was backed by the Index Ventures with participation from Amplify Partners, Temasek, Radical Ventures, and Canada Pension Plan Investment Board.

The company intends to leverage the new funds to enhance its Research & Development (R&D) as well as to grow its team across the globe.
PC: Pixabay

Note: We at TechSutram take our ethics very seriously. More information about it can be found here.
Udit Agarwal Opinions expressed by techsutram contributors are their own. More details

Udit Agarwal is a Digital Marketer and a Content Marketing Specialist, He enjoys technical as well as non-technical writing. His passion and urge for gaining new insights on gadgets, smartphones and technology has led him to Techsutram. He quenches his thirst for technology through his action oriented writing skills and a profound ability to stay up to date with latest industry trends.

No comments:

Post a Comment

    Your valuable comments are welcome. (Moderated)