Covariant, a California-based artificial intelligence (AI) robotics company, recently raised an additional $75 million in Series C funds, bringing the total to $222 million.
The company will use the funding to ensure retailers and logistics providers are able to deploy robotic picking quickly and without disrupting current operations.
“The leading companies have turned to AI robotics to automate their most manual operations in order to decrease labor costs, increase throughput, and control profitability,” Covariant CEO Peter Chen said. “The past year for Covariant has been incredible with 6x growth in 2022 – and we are just getting started. This infusion of new capital allows us to scale even faster, ensuring more retailers can automate more parts of their fulfillment networks to remove manual bottlenecks, handle fluctuating demand, and better prepare for ever-changing business needs.”
Radical Ventures and Index Ventures co-led the round with additional funding from Canada Pension Plan Investment Board and Amplify Partners. All the companies are returning investors.
New investors were Gates Frontier Holdings, AIX Ventures, and Northgate Capital.
More than 80 percent of retail leaders say automation as a key solution for navigating operational uncertainty in an unpredictable marketplace, according to a Covariant-led research survey, and 98 percent plan to invest in AI robotics.