# Covariant

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/covariant

- Industry: Software
- Headquarters: Emeryville, US
- Website: www.covariant.ai
- Total disclosed funding: $222M
- Latest round: Series C (Apr 4, 2023)
- Investors on record: 12

## About

Founded in 2017 and based in California, US, Embodied Intelligence Inc. trading under the name Covariant operates as a developer of artificial intelligence software that allows robots to see, reason and act on the world around them. In April 2023, Covariant raised USD 75 million in series C funding co-led by returning investors Radical Ventures and Index Venture, with participation from other new investors Gates Frontier Holdings, AIX Ventures, and Northgate Capital. Returning investors Canada Pension Plan Investment Board and Amplify Partners also participated in the round.

The company's software provides solutions for various processes such as putwall, induction, goods-to-person picking, kitting, and depalletization.

## Funding rounds

- Series C, Apr 4, 2023, $75M — Index Ventures, CPP Investment Board, Northgate Capital, Amplify Partners, Radical Ventures, AIX Ventures, Gates Frontier
- Series C, Jun 11, 2021, $80M — Index Ventures, Temasek Holdings, CPP Investment Board, Amplify Partners, Radical Ventures
- Series B, May 6, 2020, $40M — Index Ventures, Amplify Partners, Radical Ventures
- Series A, Jan 15, 2019, $20M — Amplify Partners
- Seed, Nov 10, 2017, $7M — Lux Capital, SV Angel, Amplify Partners, A Capital Partners, Frees Fund

## Investors

- Lux Capital (https://capitalatlas.ai/funds/lux-capital) — Seed
- SV Angel (https://capitalatlas.ai/funds/sv-angel) — Seed
- Amplify Partners (https://capitalatlas.ai/funds/amplify-partners) — Seed, Series A, Series B, Series C
- A Capital Partners (https://capitalatlas.ai/funds/a-capital-partners) — Seed
- Frees Fund (https://capitalatlas.ai/funds/frees-fund) — Seed
- Index Ventures (https://capitalatlas.ai/funds/index-ventures) — Series B, Series C
- Radical Ventures (https://capitalatlas.ai/funds/radical-ventures) — Series B, Series C
- Temasek Holdings — Series C
- CPP Investment Board — Series C
- Northgate Capital (https://capitalatlas.ai/funds/northgate-capital) — Series C
- AIX Ventures (https://capitalatlas.ai/funds/aix-ventures) — Series C
- Gates Frontier — Series C