Covarinat, an Emeryville, CA-based AI robotics company, raised additional $75M in Series C funding.
The round, which brought the total amount to $222M, was co-led by Radical Ventures and Index Ventures with additional funding from returning investors Canada Pension Plan Investment Board and Amplify Partners. The round also included new investors Gates Frontier Holdings, AIX Ventures, and Northgate Capital.
The company intends to use the funds to expand operations and its business reach.
Founded in 2017 and led by Peter Chen, Covariant offers AI-powered automation solutions that address the change and scale of today’s modern warehouse. With offices in North America and Europe, Covariant has customers in 15 countries and nearly 300 robots powered by the Covariant Brain – a universal AI robotics platform that allows robots to interact with and learn from their dynamic environments. The company offers a portfolio of AI-powered robotic picking applications, including order sorting, item induction, good-to-person order picking, kitting, and depalletization. Robots can autonomously pick virtually any SKU or item on Day One in industries spanning apparel, health and beauty, pharmaceuticals, logistics, and general merchandise.
FinSMEs
04/04/2023