We use cookies to provide you with a better experience. By continuing to browse the site you are agreeing to our use of cookies in accordance with our Cookie Policy.
  • INDUSTRY PRESS ROOM
  • SUBMISSIONS
  • MEDIA FILE
  • Create Account
  • Sign In
  • Sign Out
  • My Account
Free Newsletters
  • MAGAZINE
    • Current Issue
    • Archives
    • Digital Edition
    • Subscribe
    • Newsletters
  • STRATEGY
  • GLOBAL
  • LOGISTICS
  • MANUFACTURING
  • PROCUREMENT
  • VIDEO
    • News & Exclusives
    • Viewer Contributed
    • CSCMP EDGE 2022 Startup Alley
    • Upload your video
  • PODCAST ETC
    • Podcast
    • White Papers
    • Webcasts
    • Events
    • Blogs
      • Reflections
      • SCQ Forum
    • Mobile Apps
  • MAGAZINE
    • Current Issue
    • Archives
    • Digital Edition
    • Subscribe
    • Newsletters
  • STRATEGY
  • GLOBAL
  • LOGISTICS
  • MANUFACTURING
  • PROCUREMENT
  • VIDEO
    • News & Exclusives
    • Viewer Contributed
    • CSCMP EDGE 2022 Startup Alley
    • Upload your video
  • PODCAST ETC
    • Podcast
    • White Papers
    • Webcasts
    • Events
    • Blogs
      • Reflections
      • SCQ Forum
    • Mobile Apps
Home » Covariant gains $80 million funding round for its AI-based order picking

Covariant gains $80 million funding round for its AI-based order picking

Artificial intelligence provider sees technology spreading from warehouses into other sectors.

covariant-2021_07_13_covarient_retouched-006.jpg
July 27, 2021
Supply Chain Quarterly Staff
No Comments

Robotics and artificial intelligence (AI) provider Covariant will accelerate its research and development (R&D) efforts and add employees globally after raising $80 million in a venture capital round, the company said today.

Berkeley, California-based Covariant said the “series C” round was led by returning investor Index Ventures, with additional participation by Amplify Partners and Radical Ventures, as well as Temasek and the Canada Pension Plan Investment Board (CPP Investments). The move brings Covariant’s total capitalization to $147 million, following its 2020 venture round of $40 million.

“Autonomous order picking has long been seen as the holy grail for warehouse automation in the robotics world. It’s a very hard problem, but thanks to our team’s fundamental advances in research and engineering, we’ve achieved production-grade autonomy for a range of industries over the past year,” Pieter Abbeel, Covariant's president, chief scientist, and co-founder, said in a release. “We are at a point where modern AI is opening up a whole new generation of robotic applications. Warehouses and distribution centers are where this transition is happening first, but I also see it as a sign of things to come elsewhere, for example, in the manufacturing, agriculture, and food industries.”

The company has deployed its “Covariant Brain” platform for robotic manipulation across a range of industries including fashion, health and beauty, industrial supply, pharmaceutical, grocery, parcel, and general merchandise.

According to the firm’s investors, that growth is on track to accelerate in coming years. “With Covariant rolling out multiple applications in warehouses across Europe, North America and Asia-Pacific over the last year, it’s the first time that AI Robotics has been successful at this scale with such variability,” Mike Volpi of Index Ventures said in a release. “Covariant consistently outperforms the competition in tests by prospective clients to benchmark autonomy in real world operations. While the company is proving the value of AI robotics in the supply chain, we predict Covariant AI will expand far beyond the realm of warehouses.”

Thrilled to announce our $80M Series C led by @IndexVentures along with the participation of @AmplifyPartners, @RadicalVCFund, @Temasek, and @CPPInvestments.

Read more here: https://t.co/W6MUuvpssN#AIRobotics

— Covariant (@CovariantAI) July 27, 2021
Technology Warehousing
KEYWORDS Covariant
  • Related Articles

    Project44 gains $80 million in latest funding round

    KeepTruckin gains $190 million VC funding for fleet management tech

    AI-based supply chain optimization startup looks to U.S. markets after $100 million valuation

Recent Articles by Supply Chain Quarterly Staff

Energy price swings pressure businesses to change their spending priorities

Maersk’s VC arm backs inventory drone startup Verity with $32 million

Survey: most Americans unaware that truckers face shortage of parking spaces

You must login or register in order to post a comment.

Report Abusive Comment

Most Popular Articles

  • Survey: most Americans unaware that truckers face shortage of parking spaces

  • Best practices in logistics sustainability

  • Postal Service plans to seize items mailed with fake stamps

  • Supply chain executives not yet seeing expected results from technology investments

  • Inflation drops again as interest rate hikes hit home, NRF says

Featured Video

20221107korber large vs

Enhancing Customer Experience with Your Supply Chain Strategy

Viewer Contributed
With the rise of e-commerce, many businesses have had to transform their warehouses to handle online orders in addition to regularly scheduled inventory shipments. This means warehouses need more information than ever before to ensure they can meet customers' needs. As a result, companies need to select warehouse...

FEATURED WHITE PAPERS

  • Guide to Pallet Rack Safety

  • 3PLs: Complete Orders Faster with Flexible Automation

  • A shipper's guide to navigating post-pandemic holiday freight

  • THE NEW WAY TO WAREHOUSE: 4 Innovations in Automation & Robotics to Boost Warehouse Productivity

View More

Subscribe to Supply Chain Quarterly

Get Your Subscription
  • SUBSCRIBE
  • E-NEWSLETTERS
  • ADVERTISING
  • CUSTOMER CARE
  • CONTACT
  • ABOUT
  • STAFF
  • PRIVACY POLICY

Copyright ©2023. All Rights ReservedDesign, CMS, Hosting & Web Development :: ePublishing