Artificial-intelligence robotics startup Covariant raised $40 million to expand its logistics automation technology to new industries and ramp up hiring, the company said Wednesday.
The Berkeley, Calif.-based company makes AI software that it says helps warehouse robots pick objects at a faster rate than human workers, with a roughly 95% accuracy rate. Covariant is working with Austrian logistics-automation company Knapp AG and the robotics business of Swiss industrial conglomerate ABB Ltd., which provide hardware such as robot arms or conveyor belts to pair with the startup’s technology platform.
“What we’ve built is a universal brain for robotic manipulation tasks,” Covariant co-founder and Chief Executive Peter Chen said in an interview. “We provide the software, they provide the rest of the systems.”
Logistics-sector appetite for such technology is growing as distribution and fulfillment operations that have relied on human labor look to speed output and meet rising digital commerce demand.
The coronavirus pandemic has accelerated that interest as businesses have sought to adjust their operations to volatile swings in consumer demand and to new restrictions, such as spacing workers further apart to guard against contagion.
That has provided a bright spot for some technology startups even as many big backers scale back venture-capital spending. Last month logistics delivery platform Bringg said it raised $30 million in a Series D funding round, for example, as demand for home delivery of food, household goods and e-commerce staples soared among homebound consumers.
Covariant’s Series B round brings the company’s total funding to $67 million. New investor Index Ventures led the round, with participation from existing investor Amplify Partners and new investors including Radical Ventures.
Mr. Chen said the funding will be used to explore the technology’s potential application in other markets such as manufacturing, recycling or agriculture “where there are repetitive manual processes.” Covariant also plans to hire more engineering and other staff, he said.
Covariant was founded in 2017 and now has about 50 employees.
The company’s technology uses camera systems to capture images of objects, and artificial intelligence to analyze objects and how to pick them up. Machine learning helps Covariant-powered robots learn from experience.
The startup’s customers include a German electrical supplies wholesaler that uses the technology to control a mechanical arm that picks out orders of circuit boards, switches and other goods.
https://www.wsj.com/articles/logistics-ai-startup-covariant-reaps-40-million-in-funding-round-11588719951
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