Locus Robotics valuation reaches $1bn
Locus Robotics has received $150 million, (£107.4m) in finding from US investors, to expand in the UK and the rest of Europe.
The company 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.
Rick Faulk, CEO of Locus Robotics said: “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 operation.
Jay Simons, General Partner at Bond said: “The Locus operation unlocks substantial productivity gains, while significantly lowering expenses, improving employee morale, and providing customers with unmatched visibility into warehouse operations.”
Locus customers worldwide include CEVA Logistics, DHL, Material Bank, Boots UK, GEODIS, Port Logistics Group, Verst Logistics, Radial, and others.