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Alternative Assets  + VC  | 
Covariant Amasses $222M in Series C Funding for Its AI-Led Warehouse Robots 

Covariant Amasses $222M in Series C Funding for Its AI-Led Warehouse Robots

Covariant, a startup developing warehouse robots that can be deployed faster than traditional automation hardware, has raised an additional $75 million in Series C funding, bringing its total raise to $222 million. The round adds on to an $80 million Series C raise in July 2021.

The round was co-led by Radical Ventures and Index Ventures with additional funding from returning investors Canada Pension Plan Investment Board and Amplify Partners. The round also included new investors Gates Frontier Holdings, AIX Ventures and Northgate Capital.

According to Emeryville, CA-based Covariant, the backing comes as retail executives want to invest in AI-powered robotic automation. With its new funding, Covariant said it will help retailers and their logistics providers deploy robotic picking quickly and without disruption to their current operations.

“Many companies are trying to break into the AI Robotics space, but Covariant has been making significant progress for years now,” noted Mike Volpi, Partner at Index Ventures.

Founded in 2017 and led by Peter Chen, Covariant uses its AI platform, the Covariant Brain, and applies it to a broad set of piece-picking and case-picking applications that represent today’s manual warehouse operations.

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About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.