Covariant, a US-based robotics software developer spun out of University of California, Berkeley and artificial intelligence research company OpenAI, attracted $40m in a series B round co-led by venture capital firm Index Ventures on Monday.
The deal was co-led by artificial intelligence (AI)-focused venture firm Radical Ventures, with participation from VC firm Amplify Partners and undisclosed additional investors.
Founded in 2017 but in stealth until January this year, Covariant is working on a software operating system called Covariant Brain that enables robots to learn general abilities using AI.
The aim is to equip robots to fulfill more complex production tasks, by allowing them to transfer skills such as 3D perception and physical affordances of objects.
The funding is anticipated to scale Covariant’s partnerships and research, engineering and commercial teams in a bid to adapt its automation platform for new industries.
Its technology is already in use at autonomous robotics stations for unnamed apparel, pharmaceuticals and electronics manufacturers in Europe and North America.
Covariant’s existing strategic partners include industrial robotics supplier ABB and intralogistics systems firm Knapp. Mike Volpi, partner at Index Ventures, will now join the Covariant board of directors.
Covariant secured $7m in a 2017 seed round led by venture capital firm Amplify Partners that included  Lux Capital, SV Angels, FreeS, 11.2 Capital and A.Capital.
The company added $20m of series A capital raised in the first half of 2019, however this transaction remained undisclosed until earlier this year.
Samsung Q Fund, a vehicle launched by consumer electronic producer Samsung’s early-stage unit, Samsung Next, is among Covariant’s early investors along with angel investors Jeff Dean, Geoffrey Hinton, Yann LeCun and Raquel Urtasun.
– This article first appeared on our sister site, Global Corporate Venturing.

Covariant, a US-based robotics software developer spun out of University of California, Berkeley and artificial intelligence research company OpenAI, attracted $40m in a series B round co-led by venture capital firm Index Ventures on Monday.

The deal was co-led by artificial intelligence (AI)-focused venture firm Radical Ventures, with participation from VC firm Amplify Partners and undisclosed additional investors.

Founded in 2017 but in stealth until January this year, Covariant is working on a software operating system called Covariant Brain that enables robots to learn general abilities using AI.

The aim is to equip robots to fulfill more complex production tasks, by allowing them to transfer skills such as 3D perception and physical affordances of objects.

The funding is anticipated to scale Covariant’s partnerships and research, engineering and commercial teams in a bid to adapt its automation platform for new industries.

Its technology is already in use at autonomous robotics stations for unnamed apparel, pharmaceuticals and electronics manufacturers in Europe and North America.

Covariant’s existing strategic partners include industrial robotics supplier ABB and intralogistics systems firm Knapp. Mike Volpi, partner at Index Ventures, will now join the Covariant board of directors.

Covariant secured $7m in a 2017 seed round led by venture capital firm Amplify Partners that included  Lux Capital, SV Angels, FreeS, 11.2 Capital and A.Capital.

The company added $20m of series A capital raised in the first half of 2019, however this transaction remained undisclosed until earlier this year.

Samsung Q Fund, a vehicle launched by consumer electronic producer Samsung’s early-stage unit, Samsung Next, is among Covariant’s early investors along with angel investors Jeff Dean, Geoffrey Hinton, Yann LeCun and Raquel Urtasun.