Total amount raised
$222 Millions
Latest funding date
4/1/2023
Location
Covariant has successfully raised significant funding across multiple rounds, with its latest being a Series C. The company is developing the Covariant Brain, an AI platform designed to enable robots to perform a variety of automation tasks.
Keep reading to explore the intricacies of Covariant's fundraising journey and the investors backing this innovative platform.
What Is Covariant?
Covariant, founded in 2017, is headquartered in Emeryville, California. The company specializes in AI-driven robotic automation, particularly for warehouse operations.
Founded by Peter Chen, Pieter Abbeel, Rocky Duan, and Tianhao Zhang, Covariant is developing the Covariant Brain, an AI platform that enables robots to see, reason, and act on the world around them.
With a team of 51-100 employees, Covariant is at the forefront of creating advanced AI solutions to automate various tasks in warehouses.
How Much Funding Has Covariant Raised?
- Seed Round
- Amount Raised: $7M
- Date: November 2017
- Lead Investors: Amplify Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial version of the Covariant Brain and validate the technology.
- Series A
- Amount Raised: $20M
- Date: January 2019
- Lead Investors: Amplify Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and accelerate product development.
- Series B
- Amount Raised: $40M
- Date: May 2020
- Lead Investors: Index Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance the Covariant Brain's capabilities.
- Series C (First Round)
- Amount Raised: $80M
- Date: July 2021
- Lead Investors: Index Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand market reach and improve product offerings.
- Series C (Second Round)
- Amount Raised: $75M
- Date: April 2023
- Lead Investors: Index Ventures, Radical Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To help merchants and logistics providers implement robotic picking systems quickly.
Total Amount Raised: $222M. Current Valuation: Not publicly disclosed.
Key Investors
- Index Ventures
- Details: Index Ventures is a global venture capital firm that invests in technology-enabled companies. They have a strong presence in both Europe and the United States.
- Investment Focus Areas: Technology, software, internet companies.
- Notable Investments: Dropbox, Slack, Roblox.
- Radical Ventures
- Details: Radical Ventures is a venture capital firm that focuses on investing in companies leveraging artificial intelligence. They aim to transform massive industries through AI.
- Investment Focus Areas: AI, machine learning, technology-driven companies.
- Notable Investments: Cohere, Recursion Pharmaceuticals, Xanadu.
- Amplify Partners
- Details: Amplify Partners is a venture capital firm that invests in early-stage technology companies. They focus on enterprise technology and infrastructure.
- Investment Focus Areas: Enterprise technology, infrastructure, data-driven companies.
- Notable Investments: Datadog, Fastly, Gremlin.
- Canada Pension Plan Investment Board (CPPIB)
- Details: CPPIB is a professional investment management organization that invests the funds of the Canada Pension Plan. They manage a diverse portfolio across various asset classes.
- Investment Focus Areas: Public equities, private equities, real estate, infrastructure, fixed income.
- Notable Investments: Enbridge, 407 ETR, Glencore.
- Gates Frontier Holdings
- Details: Gates Frontier Holdings is an investment firm associated with Bill Gates. They focus on technology, healthcare, and sustainable development.
- Investment Focus Areas: Technology, healthcare, sustainable development.
- Notable Investments: Impossible Foods, Breakthrough Energy Ventures, Ginkgo Bioworks.
What's Next for Covariant?
Covariant stands at the cusp of a significant opportunity to revolutionize warehouse operations. With over 300 robots already deployed globally, the potential for automating manual tasks in logistics and retail is immense. The company's AI-powered robotic systems promise to reduce labor costs and increase efficiency, making them highly attractive to merchants and logistics providers.
As the demand for warehouse automation grows, Covariant is well-positioned to attract further investment. The recent $75 million funding round underscores investor confidence, and future rounds could help the company scale its operations even further. However, challenges such as competition and seamless integration with existing systems remain. Navigating these hurdles will be crucial for Covariant's continued success.
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