US tech firm secures €124m funding for UK expansion
- In News
- 10:56, 19 February 2021
- 713 Views
Locus Robotics, a specialist in autonomous mobile robots (AMR) for fulfilment warehouses, has announced $150 mln (€124 mln) in Series E funding, led by Tiger Global Management and BOND.
The funding round builds on support from existing investors including Scale Venture Partners and Prologis Ventures, the venture capital arm of Prologis .
‘This new round of funding marks an important inflection point for Locus Robotics,’ said Rick Faulk, CEO of Locus Robotics. ‘Warehouses facing ongoing labour 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.’
Locus will use the new investment to further expand its market opportunities around the globe and particularly in the UK and support ongoing research and development (R&D).
In a market of more than 20 billion square feet of warehouse space worldwide, and rising ecommerce volume, Locus helps operators effectively meet the industry’s growing demand, while seamlessly managing today’s often unpredictable volume shifts. Locus currently serves more than 40 customers and 80 warehouses around the world with its industry-leading solution.
‘The logistics industry is facing huge challenges as it struggles to cope with rapid increases in demand, and at the same time severe labour shortages,’ said Ash Sharma, managing director at Interact Analysis, a market research firm covering the intelligent automation sector.
Locus customers worldwide include CEVA Logistics, DHL, Material Bank, Boots UK, GEODIS, Port Logistics Group, Verst Logistics, Radial, and others, who are doubling or tripling their fulfilment productivity with near-100% accuracy, while saving on operating expenses, and enhancing employee morale and safety.