AI Robotics startup Covariant has raised $40 million in Series B funding, bringing its total funding to $67 million. The round was led by Index Ventures, along with AI-focused Radical Ventures and participation from existing investor Amplify Partners and others.
Covariant said that the company will use the funding to accelerate its partnerships, introduce AI Robotics to new industries, and grow its research, engineering and commercial teams.
Founded in 2017, Covariant is building the Covariant Brain, universal AI that enables robots to see, reason and act autonomously in the real world.
“As the coronavirus crisis has exposed serious frailty in the global supply chain, we’re seeing more demand than ever for our AI Robotics solutions,” said Peter Chen, Covariant CEO and co-founder. “Our customers are eager to invest in AI and scale it across their supply chains to meet growing demands and more stringent requirements. This latest funding round, along with our recent partnerships, will allow us to scale quickly across multiple industries.”
The funding comes on the heels of significant momentum for the company. Soon after launching from stealth, Covariant invested in strategic partnerships to accelerate the deployment of robotic stations to customers. In February, Covariant announced a partnership with ABB, an industrial robotics supplier. In March, Covariant joined forces with Knapp, a supplier of intralogistics systems.
As part of the investment, Mike Volpi, partner at Index Ventures, will be joining Covariant’s board.