Covariant Acquisition, Valuation, Funding & Investors
Covariant was acquired by Amazon in August 2024.
Covariant revenue
$13M
Series C · Jul 2021
Cumulative funding Covariant raised
$222M
across 5 funding rounds
Key investors in Covariant
Amplify Partners
Index Ventures
Radical Ventures
CPP Investments
SV Angel
Lux Capital
About Covariant
Covariant is an AI software company developing robotics intelligence. The Covariant Brain enables robots to perceive, reason, and manipulate objects autonomously in warehouses and factories. San Francisco-headquartered, it powers deployments for e-commerce fulfillment centers handling diverse SKUs with partners like Deutsche Post DHL.
Founded
2017
HQ
San Francisco, CAWebsite
Status
Acquired
Customer focus
B2B
Revenue model
Licensing
Revenue
$13M (Jul 2021)
Valuation
$530M (Jul 2021)
Covariant Acquisition
Covariant was acquired by Amazon for an undisclosed price on 31 August 2024.
Before the acquisition Covariant had raised $222M across 5 funding rounds.
In August 2024, Amazon hired three co-founders of Covariant—Pieter Abbeel, Peter Chen, and Rocky Duan—along with approximately 25% of the company's 160 employees, while obtaining a non-exclusive license to Covariant's robotic foundation models. Covariant, founded in 2017, develops AI-powered robotics systems for warehouse automation tasks including order picking, sortation, item induction, and depalletization through its platform called the Covariant Brain. The deal, structured as a reverse acquihire, allows Amazon to integrate Covariant's technology into its existing robot fleet to improve performance across fulfillment and sortation centers, while Covariant continues operating independently under new leadership from COO Ted Stinson (now CEO) and co-founder Tianhao Zhang, serving existing customers including McKesson, Otto Group, and Radial. The arrangement reflects Amazon's strategy to advance AI and robotics capabilities following its 2012 acquisition of Kiva Systems, with the hiring of Covariant's founders and talent joining Amazon's Fulfillment Technologies & Robotics Team in the Bay Area. Financial terms were not disclosed.
| Acquirer | Date | Type |
|---|---|---|
| 31 Aug 2024 | Strategic M&A |
Covariant Valuation
Covariant is currently valued at $530M, based on its Series C in July 2021.
The $80M round was led by Index Ventures, with participation from Temasek, CPP Investments, Radical Ventures and Amplify Partners.
Covariant valuation by funding round
| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Jul 2021 | Series C | $530M | 40.8x |
Covariant Revenue
Covariant's latest recorded revenue is $13M, as of its Series C in July 2021. At a $530M valuation, that implies a 40.8x revenue multiple.
Covariant revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Jul 2021 | $13M | $530M | 40.8x | Series C |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Covariant Funding History
Covariant has raised a total of $222M across 5 funding rounds.
Covariant's first fundraising round was a $7M seed round in November 2017. The most recent completed round was a $75M Series C in April 2023.
Covariant funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Apr 2023 | Series C | Index Ventures (lead); Radical Ventures (lead); AIX Ventures; Northgate Capital; CPP Investments; Amplify Partners; Gates Frontier Fund | $75M | - | Covariant, an AI robotics company founded in 2017, develops the Covariant Brain, a universal AI platform that enables robots to see, reason, and act autonomously in dynamic environments like warehouses. The platform powers applications such as robotic picking, order sortation, item induction, good-to-person order picking, kitting, and depalletization across industries including apparel, health and beauty, pharmaceuticals, logistics, and general merchandise. By April 2023, Covariant had customers in 15 countries and nearly 300 robots deployed, with recent implementations like Radial, Inc.'s 12 AI-powered robotic putwalls. On April 4, 2023, Covariant announced an additional $75 million in Series C funding, co-led by Index Ventures and Radical Ventures, bringing total funding to $222 million. Returning investors included Canada Pension Plan Investment Board (CPP Investments) and Amplify Partners, while new participants were Gates Frontier Holdings, AIX Ventures, and Northgate Capital. This extension followed an initial $80 million Series C in July 2021 led by Index Ventures, with participation from Amplify Partners, Radical Ventures, Temasek, and CPP Investments, which had raised total capitalization to $147 million at that time. The new funding aims to accelerate deployments of Covariant's robotic picking technology for retailers and logistics providers, ensuring quick integration without supply chain disruptions to deliver immediate efficiency gains. Investors highlighted Covariant's leadership in AI robotics, with deployments across North America, Europe, and Asia-Pacific outperforming competitors in real-world autonomy tests. Retail leaders surveyed in February 2023 by Covariant indicated over 80% view automation as key for operational uncertainty, with 98% planning further AI robotics investments despite economic conditions. Covariant's approach leverages a foundation model for robotics, allowing a single AI platform to power diverse robotic systems regardless of use case, facility, or location. Connected robot fleets enable collective learning, propagating improvements across customer networks. The company plans to expand beyond warehouses into manufacturing, agriculture, and food industries, supported by key hires in engineering, marketing, and people operations. |
| Jul 2021 | Series C | Index Ventures (lead); Temasek; CPP Investments; Radical Ventures; Amplify Partners | $80M | $530M | Covariant is a Berkeley-based AI robotics company specializing in autonomous order picking and warehouse automation, achieving production-grade autonomy across industries like supply chain, with applications rolling out in warehouses in Europe, North America, and Asia-Pacific. The company announced its $80 million Series C funding round on July 27, 2021, led by Index Ventures, with participation from Amplify Partners, Radical Ventures, Temasek Holdings, and Canada Pension Plan Investment Board (CPP Investments), bringing total capitalization to $147 million since its public launch two years prior. Funds are earmarked for continued investment in AI robotics R&D, global team expansion, and accelerating AI integration into the physical world. A market report from Cascadia Capital pegs Covariant's valuation at $530 million for this July 2021 Series C round, positioning it among high-valuation supply chain tech firms amid booming investor interest in robotics and AI. The company has demonstrated superior performance in client benchmarks for real-world autonomy, outperforming competitors, and is expanding beyond warehouses into manufacturing, agriculture, and food industries, as noted by co-founder Pieter Abbeel. Index Ventures' Mike Volpi highlighted Covariant's scale and variability handling as a first in AI robotics. Covariant added key executives to its management team post-round to support growth. The funding underscores the era of modern AI enabling new robotic applications, starting in distribution centers. |
| May 2020 | Series B | Index Ventures (lead); Radical Ventures; Amplify Partners | $40M | - | Covariant, an AI robotics company founded in 2017 by UC Berkeley researchers including Pieter Abbeel, develops the Covariant Brain, a universal AI enabling robots to perceive, reason, and act autonomously in real-world environments. The technology supports capabilities like 3D perception, few-shot learning, and real-time motion planning, allowing robots to handle novel objects and settings. By January 2020, Covariant exited stealth with deployments in customer facilities across North America and Europe in industries such as apparel, pharmaceuticals, electronics, food distribution, healthcare, and e-commerce, achieving over one hour of mean unassisted operation time. On May 6, 2020, Covariant raised $40 million in a Series B funding round led by Index Ventures, with participation from Radical Ventures and existing investor Amplify Partners, bringing total funding to $67 million. Index Ventures partner Mike Volpi joined the board. This followed a $20 million Series A led by Amplify Partners in January 2019. Proceeds from the Series B were allocated to accelerate partnerships, expand AI robotics into new industries, grow research, engineering, and commercial teams, and advance R&D for breakthroughs and commercialization. Key partnerships included ABB Ltd. for industrial robotics and Knapp AG for logistics systems. The funding came amid rising demand driven by COVID-19 supply chain disruptions, positioning Covariant to scale solutions for efficient, safe automation in warehouses and beyond. Covariant targeted supply chain facilitation, emphasizing autonomy amid pandemic pressures for worker safety and reliable goods delivery. |
| Jan 2019 | Series A | Amplify Partners (lead) | $20M | - | Covariant is a leading AI robotics company focused on developing universal AI for robotics, starting with warehouse automation applications like piece-picking, case-picking, order sortation, and depalletization, powered by the Covariant Brain platform. Amplify Partners led the company's Series A funding round of $20 million in January 2019, marking its emergence from stealth. The investment supported early research, development, and strategic partnerships with robotics suppliers such as ABB and Knapp to deploy AI-enabled robotic stations in warehouses. Following the Series A, Covariant raised a $40 million Series B in May 2020 led by Index Ventures, with participation from Amplify Partners and Radical Ventures, bringing total funding to $67 million. The funds were used to expand AI robotics into new industries, accelerate partnerships, and grow research, engineering, and commercial teams amid rising demand exposed by supply chain disruptions. In July 2021, Covariant secured $80 million in an initial Series C extension led by Index Ventures, with Amplify Partners and Radical Ventures participating, increasing total capitalization to $147 million for further R&D and global team expansion. An additional $75 million Series C extension in April 2023, co-led by Radical Ventures and Index Ventures with Amplify Partners, brought total funding to $222 million. This supported scaled deployments of AI robotics solutions across warehouses in Europe, North America, and Asia-Pacific, outperforming competitors in real-world autonomy tests. New investors included Canada Pension Plan Investment Board, Gates Frontier Holdings, AIX Ventures, and Northgate Capital, highlighting confidence in Covariant's unified AI platform amid economic uncertainty and supply chain challenges. Covariant's traction includes successful deployments at scale with variability, positioning it as a leader in AI robotics for supply chains, with potential expansion into manufacturing, agriculture, and food industries. Key executives added post-Series C include heads of engineering/research, marketing, and people operations. Investors like Mike Volpi of Index Ventures praised the world-class AI team and technology for enabling learning robots. |
| Nov 2017 | Seed | Amplify Partners (lead); Frees Fund; SV Angel; Samsung NEXT; Lux Capital; A.Capital Ventures; 11.2 Capital | $7M | - | Covariant was founded in 2017 by AI researchers and roboticists from UC Berkeley and OpenAI to develop universal AI systems for robotic manipulation. |
Who has invested in Covariant?
14 investors have backed Covariant across its funding rounds, including Amplify Partners, Index Ventures, Radical Ventures, CPP Investments, SV Angel and Lux Capital.
Lead investors include Index Ventures, Radical Ventures and Amplify Partners.
Covariant Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| San Francisco, CA | 5 | Lead | Nov 2017 | |
 London | 3 | Lead | May 2020 | |
 Toronto | 3 | Lead | May 2020 | |
| Toronto | 2 | Participant | Jul 2021 | |
 Singapore | 1 | Participant | Jul 2021 | |
 Beijing | 1 | Participant | Nov 2017 | |
| San Francisco, CA | 1 | Participant | Apr 2023 | |
| San Francisco, CA | 1 | Participant | Apr 2023 | |
| San Francisco, CA | 1 | Participant | Nov 2017 | |
| San Francisco, CA | 1 | Participant | Nov 2017 | |
| New York City, NY | 1 | Participant | Nov 2017 | |
| San Francisco, CA | 1 | Participant | Nov 2017 | |
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Start Free TrialCovariant Competitors
Covariant competitors include listed companies like UBtech Robotics and Reconova Technologies, and private ones like Beyond Imagination, HavocAI, D-Robotics and CoLab.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Los Angeles, CA | Private | - | - | $500M | - | |
| Providence, RI | Private | - | - | $500M | - | |
 Hong Kong | Private | - | - | $450M | - | |
| China | Publicly listed | $298M | ($108M) | $5.1B | 9.5x | |
 Kawasaki | Private | - | - | $500M | - | |
| China | Publicly listed | $66M | ($8M) | $635M | - |
Covariant Public Comps
Covariant is no longer listed, but its public comps include ExaWizards, Beijing Hanyi Innovation, PKSHA Technology, Reconova Technologies, ECARX Group, Ropeok Technology Group, RoboStrategy, Datasection, Swarmer and Volatus Aerospace.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $77M | $13M | 6.6x | 5.7x | 39.3x | - | |||
| $28M | $5M | 15.6x | 13.9x | 89.9x | 50.9x | |||
| $140M | $47M | 4.1x | 2.4x | 12.2x | 10.7x | |||
| $66M | ($8M) | 10.0x | - | (82.0x) | - | |||
| $848M | ($23M) | 1.1x | 0.9x | (40.7x) | 60.0x | |||
| $23M | ($28M) | 18.6x | - | (15.2x) | - | |||
| - | - | - | - | - | - | |||
| $216M | $27M | 1.6x | 1.6x | 12.7x | 13.0x | |||
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Common questions about Covariant
| When was Covariant founded? | Covariant was founded in 2017. |
| Where is Covariant headquartered? | Covariant is headquartered in San Francisco, CA, United States. |
| Is Covariant publicly listed? | No, Covariant was acquired by Amazon in August 2024. |
| Who acquired Covariant? | Covariant was acquired by Amazon in August 2024. |
| What is Covariant's valuation? | Covariant was last valued at $530M in its Series C in July 2021. |
| How much funding has Covariant raised? | Covariant has raised $222M across 5 funding rounds. |
| What was Covariant's last funding round? | Covariant's last funding round was a $75M Series C in April 2023, led by Index Ventures and Radical Ventures. |
| Who are Covariant's investors? | Covariant's investors include Amplify Partners, Index Ventures, Radical Ventures, CPP Investments, Temasek, Frees Fund, AIX Ventures, Northgate Capital, SV Angel, Samsung NEXT and 4 others. |
| What is Covariant's revenue? | Covariant's latest recorded revenue is $13M (July 2021). |
| What is Covariant's revenue multiple? | Covariant's latest valuation implies a 40.8x revenue multiple ($530M valuation on $13M of revenue). |
| Which companies are comparable to Covariant? | Companies comparable to Covariant include Beyond Imagination, HavocAI, D-Robotics, UBtech Robotics, CoLab and Reconova Technologies. |
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