Covariant Scores $75 Million Series C

<p><strong>EMERYVILLE<&sol;strong> &&num;8212&semi; Covariant&comma; an AI Robotics company&comma; has raised an additional &dollar;75 million in Series C funds&comma; bringing its total funding to &dollar;222 million&period; Returning investors Radical Ventures and Index Ventures co-led the round&comma; which also saw additional funding from returning investors Canada Pension Plan Investment Board and Amplify Partners&period; The round also welcomed new investors Gates Frontier Holdings&comma; AIX Ventures&comma; and Northgate Capital&period;<&sol;p>&NewLine;<p>Founded in 2017&comma; Covariant provides AI-powered automation solutions for warehouses&period; With offices in North America and Europe&comma; Covariant has customers in 15 countries and nearly 300 robots powered by the Covariant Brain&colon; a universal AI Robotics platform that enables robots to interact with and learn from their dynamic environments&period; Covariant offers a broad portfolio of AI-powered robotic picking applications&comma; including order sortation&comma; item induction&comma; good-to-person order picking&comma; kitting&comma; and depalletization&period; Robots can autonomously pick virtually any SKU or item on Day One in industries spanning apparel&comma; health and beauty&comma; pharmaceuticals&comma; logistics&comma; and general merchandise&period;<&sol;p>&NewLine;<p>&nbsp&semi;<&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;The leading companies have turned to AI Robotics to automate their most manual operations in order to decrease labor costs&comma; increase throughput&comma; and control profitability&comma;” said Peter Chen&comma; Chief Executive Officer&comma; Covariant&period; &OpenCurlyDoubleQuote;The past year for Covariant has been incredible with 6x growth in 2022 – and we are just getting started&period; This infusion of new capital allows us to scale even faster&comma; ensuring more retailers can automate more parts of their fulfillment networks to remove manual bottlenecks&comma; handle fluctuating demand&comma; and better prepare for ever-changing business needs&period;”<&sol;p>&NewLine;<p>Since its initial Series C in 2021&comma; Covariant has taken its AI platform – the Covariant Brain – and successfully applied it to a broad set of piece-picking and case-picking applications that represent today’s manual warehouse operations&period; In less than two years&comma; the company’s product portfolio has grown to include order sortation&comma; item induction&comma; good-to-person order picking&comma; kitting&comma; and depalletization solutions – all powered by a unified AI platform&period; By leveraging the first foundation model for robotics&comma; retailers&comma; 3PLs&comma; and warehouse integration providers are able to leverage the same AI platform to power a variety of robotic systems regardless of use case&comma; facility type&comma; or location&period; Connected robots learn as a fleet – enabling operational improvements to automatically propagate across customers&&num;8217&semi; networks&period; Read more about Covariant’s growing number of customer deployments – including Radial&comma; Inc&period;’s recently announced deployment of 12 AI-powered robotic putwalls&period;<&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;Covariant has proven it’s the world’s leading AI Robotics company&comma; with AI enabling the successful deployment of robots at scale to secure global supply chains&period; That helps brands improve consumer trust&comma; retailer confidence&comma; and profitability&comma; even in a time of economic uncertainty&comma;” said Jordan Jacobs&comma; Managing Partner of Radical Ventures&period;<&sol;p>&NewLine;<p>Mike Volpi&comma; Partner at Index Ventures&comma; believes Covariant maintains a strong competitive advantage amidst an increasingly compelling market&colon; &OpenCurlyDoubleQuote;Many companies are trying to break into the AI Robotics space&comma; but Covariant has been making significant progress for years now&period; I’m confident that their team&comma; which represents the best minds in AI&comma; and their approach of deploying a unified AI platform are shaping the future of automation&comma; and look forward to the additional progress they’ll make in the years ahead&period;”<&sol;p>&NewLine;