Funding boost takes Locus valuation to $1bn
18 February 2021
Locus Robotics, the leader in autonomous mobile robots (AMR) for fulfilment warehouses, has announced $150 million in Series E funding, led by Tiger Global Management and BOND.
The round builds on support from existing investors including Scale Venture Partners and Prologis Ventures, the venture capital arm of Prologis, the global leader in logistics real estate.
“This new round of funding marks an important inflection point for Locus Robotics,” said Locus Robotics CEO Rick Faulk. “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 support ongoing research and development (R&D) to grow and enhance its award-winning, innovative warehouse technology solution.
Rising labour costs
“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 Tiger Global partner Griffin Schroeder. “Facing rapidly growing ecommerce volumes, rising labour costs, and increasingly demanding customers, warehouse operators are seeking an automation solution that is flexible, scalable, and just works.”
“The Locus solution unlocks substantial productivity gains, while significantly lowering expenses, improving employee morale, and providing customers with unmatched visibility into warehouse operations,” added BOND general partner Jay Simons. "The platform is powerful enough to meet – and exceed – warehouse operators’ needs today, tomorrow, and in the months and years to come.”
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. LocusBots have picked more than 300 million units, including 70 million units during the recent holiday season.
Locus customers worldwide include CEVA Logistics, DHL, Material Bank, Boots UK, GEODIS, Port Logistics Group, Verst Logistics, Radial
Locus’s patented, proprietary software and intuitive user interface seamlessly integrate into both existing and new warehouse environments improving the efficiency of both inbound (“putaway”) and outbound (“picking”) fulfilment. Locus robots can be configured to carry a wide variety of items. Patented technology automatically recognises workers, and the robot’s large screen displays information in the worker’s preferred language, facilitating greater productivity and reduced error rates. Locus’s innovative “Gamification” feature displays individual performance statistics to help motivate workers to greater achievement. The Locus solution includes real-time analytics, dashboards, and reporting to customers to maximise productivity and support continuous improvement in the warehouse.
For more information, visit www.locusrobotics.com