Covariant’s robotic picking AI nabs another $75M
Reading Time: < 1 minutesI took a deep dive with Covariant co-founder and CEO Peter Chen at ProMat the other week. The timing was either perfect or terrible depending on who you ask. I’m sure the startup’s comms people are thrilled that I’m writing a follow-up a week later on the occasion of a new funding round.
Regardless, $75 million is a hard number to ignore — especially as the Series C extension brings the AI firm’s total raise up to $222 million. Existing investors Radical Ventures and Index Ventures led the round, which also features returning (Canada Pension Plan Investment Board and Amplify Partners) and new (Gates Frontier Holdings, AIX Ventures and Northgate Capital) investors. The round adds on to an $80 million Series C announced in July 2021.
I was also treated to a demo of Covariant’s tech at the show last month. It’s quite impressive when you know what’s going on beneath the hood to power its picking and placing. At the heart of the logistics play is the Covariant Brain, which is building a massive database of potential package sizes, shapes and materials based on real-world picks.
In our conversation, Chen used generative AI/ChatGPT as an analogy. It’s more than just a tenuous connection to the latest hype cycle, however, as three of the team’s four co-founders have a direct connection to OpenAI.
Chen says:
The funding will be used to further the deployment of Covariant’s system to retailers and logistics firms.
Reference: https://techcrunch.com/2023/04/04/covariants-robotic-picking-at-nabs-another-75m/
Ref: techcrunch
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