About Covariant
Covariant is a company based in Emeryville (United States) founded in 2017 by Rocky Duan, Tianhao Zhang, Peter Chen, and Pieter Abbeel.. Covariant has raised $202 million across 5 funding rounds from investors including Temasek, Northgate Capital and CPP Investments. Covariant offers products and services including Covariant Brain. Covariant operates in a competitive market with competitors including Formant, Viam, MOV.AI, Trace Machina and Dime Research, among others.
- Headquarter Emeryville, United States
- Founders Rocky Duan, Tianhao Zhang, Peter Chen, Pieter Abbeel
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Sectors
Industrial Goods & Manufacturing
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Phone
*********
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Website
*********
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Social
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- Legal Name Embodied Intelligence Inc.
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Annual Revenue
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Net Profit
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EBITDA
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Total Equity Funding
$202 M (USD)
in 5 rounds
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Latest Funding Round
$75 M (USD), Series C
Apr 04, 2023
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Investors
Temasek
& 12 more
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Employee Count
Employee Count
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Products & Services of Covariant
Covariant offers a comprehensive portfolio of products and services, including Covariant Brain. The company's diverse product and service offerings are designed to meet the evolving needs of its customers, address market demands, and provide comprehensive solutions that drive value creation and customer satisfaction across various segments and use cases.
AI platform for training robots to automate warehouse picking tasks.
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Funding Insights of Covariant
Covariant has successfully raised a total of $202M across 5 strategic funding rounds. The most recent funding activity was a Series C round of $75 million completed in April 2023. This substantial capital infusion reflects strong investor confidence in the company's business model, growth potential, and market opportunities. The funding enables strategic expansion, product development, market penetration, and operational scaling to drive long-term value creation and competitive advantage.
- Total Funding Total Funding
- Total Rounds 5
- Last Round Series C — $75.0M
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First Round
First Round
(08 Nov 2017)
- Investors Count 13
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Apr, 2023 | Amount | Series C - Covariant | Valuation | Radical Ventures , Index Ventures | |
| Jul, 2021 | Amount | Series C - Covariant | Valuation | Index Ventures | |
| May, 2020 | Amount | Series B - Covariant | Valuation | Index Ventures , Radical Ventures |
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Investors in Covariant
Covariant has secured backing from 13 investors, including venture fund and institutional investors. Prominent investors backing the company include Temasek, Northgate Capital and CPP Investments. This diverse investor base provides strategic capital, industry expertise, and valuable network connections that support the company's growth initiatives, market expansion, and long-term value creation.
| Investor | Description | Founded Year | Domain | Location |
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Venture capital firm focused on AI-driven companies
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Founded Year | Domain | Location | |
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Venture capital investments in technology startups and entrepreneurs.
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Founded Year | Domain | Location | |
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Technical founders are supported through early-stage venture capital investments.
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Founded Year | Domain | Location |
| Investor | Description | Founded Year | Domain | Location |
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Single family office of Amitabh Bachchan, founder of Amitabh Bachchan Corporation or AB CORP
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Founded Year | Domain | Location | |
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Startup ecosystems are ignited through strategic investments by Signite Partners.
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Founded Year | Domain | Location | |
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Venture capital is directed toward companies in multiple sectors.
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Founded Year | Domain | Location | |
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Venture capital is invested in cybersecurity, fintech, and AI startups.
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Founded Year | Domain | Location |
Investments & Acquisitions by Covariant
| Company Name | Description | Domain | Location | Founded Year | Amount |
|---|---|---|---|---|---|
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Bionic investment advisor platform
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2016 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 | ||||
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Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
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2014 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 |
Financial Statements - Covariant
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Covariant Comparisons
Competitors of Covariant
Covariant operates in a dynamic and competitive business environment, facing competition from various established players and emerging companies in the market. The competitive landscape includes prominent companies such as Formant, Viam, MOV.AI, Trace Machina and Dime Research, among others. This competitive environment drives innovation, market differentiation, and strategic positioning as companies strive to capture market share and deliver value to their customers. Understanding the competitive dynamics is crucial for assessing market positioning, identifying growth opportunities, and navigating the challenges inherent in a competitive marketplace.
| Company Name | Domain | Founded year | HQ Location | Description |
|---|---|---|---|---|
| domain | founded_year | HQ Location |
Cloud-based solutions for robot fleet control and monitoring are offered.
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| domain | founded_year | HQ Location |
A platform for integrating data, AI, and automation is developed.
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| domain | founded_year | HQ Location |
AI-based robotics engine platform is developed for automation products.
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| domain | founded_year | HQ Location |
Simulation infrastructure is provided for safety-critical physical world AI development.
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| domain | founded_year | HQ Location |
AI-driven solutions for automated material handling in warehouses are provided.
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| Company Name | Domain | Founded year | HQ Location | Description |
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| domain | founded_year | HQ Location |
Multiple services are booked via an app-based platform.
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| domain | founded_year | HQ Location |
On-demand services are booked through an app-based platform.
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| domain | founded_year | HQ Location |
App based platform offering on demand delivery and ride-hailing services
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| domain | founded_year | HQ Location |
Operates an on-demand hyperlocal delivery app for food and groceries.
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Latest news on Covariant
Frequently Asked Questions about Covariant
When was Covariant founded?
Covariant was founded in 2017.
Where is Covariant located?
Covariant is headquartered in Emeryville, United States. It is registered at Emeryville, California, United States.
Who is the current CEO of Covariant?
Peter Chen is the current CEO of Covariant. They have also founded this company.
Is Covariant a funded company?
Covariant is a funded company, having raised a total of $202M across 5 funding rounds to date. The company's 1st funding round was a Series B of $40M, raised on Nov 08, 2017.
What does Covariant do?
Developer of imitation models for teaching articulation tasks to robotic arms. It uses a COTS VR HMD and hand-tracking system to allow a programmer to demonstrate a specific hand movement. The imitation learning models translate this to specific instruction rewards set for the robot, allowing it to learn the movement quickly. Embodied Intelligence claims that its imitation models are better than the more standard reinforcement learning models (since the latter requires a lot of time when applied to physical actions), and are also better than hard-coding specific movements.
Who are the top competitors of Covariant?
Covariant's top competitors include Formant, Viam and Trace Machina.
What products or services does Covariant offer?
Covariant offers Covariant Brain.
Who are Covariant's investors?
Covariant has 13 investors. Key investors include Temasek, Northgate Capital, CPP Investments, Radical Ventures, and Index Ventures.
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