Artificial intelligence robotics startup Covariant raises $40M Posted on : May 06 - 2020

Artificial intelligence robotics startup Covariant revealed today that it has raised $40 million in new funding to allow it to accelerate its partnerships, introduce AI robotics to new industries and hire more people.

The Series B round was led by Index Ventures and Radical Ventures and included participation from Amplify Partners. Mike Volpi, a partner at Index Ventures, is joining Covariant’s board.

Founded in 2017 and previously known as Embodied Intelligence, Covariant is developing a universal AI that allows robots to see, reason and act on the world around them. Called Covariant Brain, the AI allows robots to learn general abilities such as 3D perception, physical affordances of objects, few-shot learning and real-time motion planning. That gives them the intelligence to learn how to manipulate new objects they’ve never seen before in environments where they’ve never operated.

The company launched out of stealth mode in January with customers already onboard and its AI Robotics stations running at facilities in North America and Europe. Covariant is currently providing AI robotics in food distribution, healthcare and e-commerce, with a focus on supply chain facilitation. Partnerships include industrial robotics company ABB Ltd. and logistics systems firm Knapp AG.

Including the new funding, Covariant has raised $67 million to date. Previous investors include Samsung NEXT, 11.2 Capital, A.Capital Ventures and SV Angel. Source