AI Robotics Startup Raises $40M in Series B Funding
AI robotics startup Covariant recently closed Series B funding with a capital infusion of $40 million. The funding spotlights the needs of autonomous robots in industries like manufacturing, warehousing, supply chain and logistics to streamline tasks. To date, the company has raised $67 million.
The latest investment will be used to strengthen product development and scale presence in more factory floors and warehouse environments. In the future, reportedly, Covariant co-founder Peter Chen believes the robotics technology will mature and autonomous robots will perform a range of tasks, besides sorting, loading and unloading.
Earlier in February, the startup clinched a major partnership with ABB, one of the leading suppliers of industrial robots to co-develop robotics technologies and bring AI-enabled robotics solutions to market, starting with a fully autonomous warehouse order fulfilment solution.
Index Ventures led the funding with participation of Amplify Partners and Radical Ventures. Post-funding, Index Ventures partner Mike Volpi will join Covariant’s board of directors. The company is also planning to explore other sectors of the market, like manufacturing, recycling, and agriculture and fulfilment centers.