Locus Robotics Valuation Reaches $1 Billion; $150 Million in Series E Funding
Locus Robotics Series E funding was led by Tiger Global Management and BOND. The funding was to expand its market opportunities around the globe and support ongoing research. The Series E funding round involved the existing investors Scale Venture Partners and Prologis Ventures.
“This new round of funding marks an important inflection point for Locus Robotics,” said Rick Faulk, CEO of Locus Robotics. “Warehouses facing ongoing labor shortages and exploding volumes, are looking for flexible, intelligent automation to improve productivity and grow their operations. Locus is uniquely positioned to drive digital transformation in this enormous global market.”
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LocusBots, a product by Locus Robotics, is a warehouse management and locomotion facilitator service. Locus serves more than 40 customers including CEVA Logistics, DHL, Material Bank, GEODIS, Verst Logistics, Radial around the world. This product has cut down the operational costs of warehouse companies. The bots have picked 300 million units, including 70 million units during the recent holiday season. The company has partnered strategically with various leading warehouse software companies to provide better business intelligence.
“Locus’s innovative mix of proven technology, flexible design, and seamless scalability makes it an ideal choice to lead the digital transformation of the warehouse,” said Griffin Schroeder, Partner at Tiger Global. “Facing rapidly growing e-commerce volumes, rising labor costs, and increasingly demanding customers, warehouse operators are seeking an automation solution that is flexible, scalable, and just works.”
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Business managers can access from any device and from everywhere, for real-time operations. Locus’s patented, proprietary software and intuitive user interface can be configured as per need. LocusBot is available in various languages. The software also shows employee statistics and real-time analytics to maximize performance.
“The Locus solution unlocks substantial productivity gains, while significantly lowering expenses, improving employee morale, and providing customers with unmatched visibility into warehouse operations,” said Jay Simons, a general partner at BOND. “The platform is powerful enough to meet warehouse operators’ needs today, tomorrow, and in the months and years to come.”
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