Toronto’s Radical Ventures joined the round for the Berkeley, Calif.-based startup, whose AI-driven software enables warehouse robots to better grab and manipulate objects. Index Ventures led the round, and existing investor Amplify Partners also invested in the three-year-old company. The company harvested US$20 million in Series A funding in January. (The Wall Street Journal, Crunchbase)
Talking point: Covariant waltzed out of stealth mode in January into a seemingly perfect market for its wares: the COVID-19-fueled breakdown of the mostly human supply chains behind the production and movement of goods. The company will focus on tasks like recycling, manufacturing and agriculture “where there are repetitive manual processes,” said CEO Peter Chen. AI-focused Radical is currently investing out of its US$350-million second fund, which launched a year ago.