Covariant secured $40 million in Series B Funding from Index Ventures

Covariant, a CA-based developer of Artificial Intelligent for robotics, has secured $40 million in Series B funding round, reports TechCrunch.

The round, which brought the total funding of the company secured to $67 million, was backed by Index Ventures and Radical Ventures with participation from Amplify Partners.

Covariant is founded by Peter Chen in the year 2017. It is building the Covariant Brain, a Universal AI, to give robots the ability to see, reason, and act on the world around them. In the year 2000, the company launched from stealth and later revealed partnerships with Knapp and ABB.

Executive Opinion

The report noted a statement from Pieter Abbeel, the president & chief scientist officer at Covariant, said, "When we founded Covariant, our goal was to make AI Robotics work autonomously in the real world. Having reached that milestone, we see a huge benefit in expanding our universal AI to new use cases, customer environments, and industries."

Covariant's Latest Funding

Post funding, Mike Volpi, the Managing Partner at Index Ventures, will join as the Covariant, Board of Directors.

The company, as of now, has plans to use the new funds to expand its research, commercial and engineering teams, add partnerships and launch AI robotics to new industries.