Warehouse automation startup Locus Robotics has secured funding of over $117 million. This new late-stage funding round valued Locus Robotics at nearly $2 billion.
Locus Robotics Corp., a developer of warehouse robots that companies use to make their supply chains more efficient, has raised more than $117 million through a Series F funding round.
Goldman Sachs and G2 Venture Partners were the lead investors in the round, which values Locus Robotics at nearly $2 billion. The round had the participation of Silicon Valley Bank, and many other supporters.
Goldman Sachs managing director Mark Midle, said, “In the large warehouse fulfillment and distribution sector, Locus has established itself as an innovative, high-quality market leader for flexible automation. Our investment underlines our belief that Locus possesses the product offering as well as the operational expertise necessary to meet and exceed the market challenges given by today’s dynamic economic climate.”
Locus Robotics, located in Wilmington, Massachusetts, creates a series of robots that can mechanically transfer items from one area of a warehouse to another.
The robots developed by the firm are primarily intended to automate the picking procedure. Employees discover the warehouse shelf where a product is stored, grab the product, and carry it to a location of the warehouse where it may be readied for shipping during the picking process.
Warehouse robots from Locus Robotics help businesses do tasks more quickly Workers may place a product in the cargo bin of one of the startup’s robots after fetching it from a warehouse shelf.
The product will then be automatically transported to an area of the warehouse where it may be prepped for distribution by the machine.
Locus Robotics has three robots available. The Locus Origin, the startup’s initial technology, can transport up to 80 pounds of products between two regions of a warehouse. The Locus Vector and Locus Max are more sophisticated systems that can move up to 600 pounds and 1.5 tons of items, respectively.
Locus Robotics claims that their technology can be deployed in a warehouse in as little as four to six weeks. Following the completion of the deployment procedure, warehouse owners may monitor the operation of their robot fleets using an application called the Locus Management Portal. The program gives statistics such as the number of packages processed each hour by each robot.
According to Locus Robotics, its customers include large logistics businesses like DHL and Ceva Logistics Ltd, as well as organizations from other sectors. The business has signed agreements to deploy its robots in over 230 warehouses and other locations across the world.
Locus Robotics aims to deploy up to 500 of its robots at some of these locations.
Locus Robotics CEO Rick Faulk, said, “This new round of funding marks an important inflection point for Locus Robotics as we look toward our next stage of growth. We strategically chose to bring in investors with a wealth of experience in both public and private markets to advise us as we continue our journey. Warehouses are increasingly seeking flexible, intelligent robots automation to increase efficiency and develop their operations as the supply chain undergoes fast digital change.”