Locus Robotics Corp. today announced that it has obtained more than $117 million in Series F funding. The maker of autonomous mobile robots, or AMRs, for fulfillment and distribution centers has added investors to its board of directors as it continues its global expansion.
“This new round of funding marks an important inflection point for Locus Robotics as we look toward our next stage of growth, and 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,” stated Rick Faulk, CEO of Locus Robotics.
“As the rapid digital transformation of the supply chain continues, warehouses increasingly seek flexible, intelligent robotics automation to improve productivity and grow their operations, despite ongoing labor shortages and exploding order volumes,” he added.
The LocusBots can help optimize labor and efficiently use warehouse space, said Wilmington, Mass.-based Locus, which also has offices in Amsterdam and Singapore.
Retailers, third-party logistics providers (3PLs), and specialty warehouses can use Locus' robots to meet and exceed increasingly complex and demanding fulfillment requirements, said the company. It claimed that its systems easily integrate into new and existing warehouse infrastrutures without disrupting workflows.
Software, LocusBots optimize operations
“By 2026, 75% of large enterprises in product-centric businesses will have adopted some form of intralogistics robots in their warehouse operations,” said Dwight Klappich, an analyst at Gartner Inc. “The lower price of entry and faster time to value of robotics opens the market to more companies that can justify automation. ... As companies adopt robotics, most organizations will expand and scale their use of robotics within the enterprise, leading to fleet growth.”
The Locus warehouse execution platform incorporates multiple mobile robots that can collaborate with human workers to double or triple piece‐handling, case-handling, and pallet-moving productivity. The company said its technology can improve order-fulfillment efficiency and workplace ergonomics.
With more than 230 sites under contract around the world—some having as many as 500 LocusBots per site—Locus said its software can orchestrate the operation and management of multiple robot form factors. It also provides real-time business intelligence, critical for optimizing productivity, proactively managing labor, and managing costs, said the company.
“As order volumes continue to increase and labor shortages persist worldwide, robotics automation is now a must-have for warehouse operators,” said Ash Sharma, managing director of Interact Analysis. “Locus is uniquely positioned as a leader in digital transformation in this enormous global market as warehouse operators increasingly focus on scalability, fast ROI [return on investment], and ease of deployment.”
Locus Robotics serves global customers
Locus Robotics said it has worked with the world's leading warehouse operators to speed deployment and “deliver actionable business intelligence.”
“Our five-year partnership with Locus has enabled DHL to deliver more resilient, flexible, and scalable supply chain solutions to our customers to support faster delivery, improve operational efficiency, and reduce employee workloads,” said Sally Miller, CIO of DHL Supply Chain North America. “In that time, Locus's ability to integrate groundbreaking technologies into our operations seamlessly and in a targeted way has been a tremendous success for our customers' supply chains.”
In September 2022, Locus reached a major milestone with its 1 billionth pick. The company said it took 1,542 days to pick its first 100 million units and just 40 days for the last 100 million picks. Locus robots now average more than 3 million picks per day around the world.
Locus counts more than 90 customers worldwide, including CEVA Logistics, Material Bank, Boots UK, GEODIS, Ryder, Verst Logistics, and Radial.
This year alone, Locus Robotics said it has won more than 17 industry awards, including being named to the Inc. 500 for the second year in a row and a 2022 IFOY Award for its Autonomous Mobile Robot Solution in the Automated Guided Vehicle (AGV/AMR) category.
Goldman Sachs, G2 Venture Partners execs join board
Goldman Sachs Asset Management and G2 Venture Partners led Locus Robotics' Series F funding. Stack Capital Group, Next47, Stafford Capital Partners, HESTA, Newton Investment Management North America, Gray's Creek Capital, Silicon Valley Bank, Hercules Capital, Inc., BOND, and Scale Venture Partners also participated in the round. Locus previously raised $150 million in Series E funding in 2021.
As part of the financing, Mark Midle, managing director at Goldman Sachs, and Zach Barasz, partner at G2 Venture Partners, will join Locus' board of directors, bringing their industry experience to guide Locus's next stage of growth.
“Locus has established itself as an innovative, high-quality market leader for flexible automation in the massive warehouse fulfillment and distribution market,” said Midle. “Our investment reflects our view that Locus has the product offering and the operational excellence required to meet and exceed the market challenges posed by today's dynamic economic environment.”
Goldman Sachs Asset Management is the primary investing area within Goldman Sachs, with more than $2 trillion in assets under supervision worldwide as of Sept. 30. It invests in alternatives including private equity, growth equity, private credit, real estate and infrastructure.
Since 2003, the Growth Equity business within Goldman Sachs Asset Management, which has more than 75 employees, has invested over $13 billion in growth stage and technology-driven companies. They span multiple industries, including enterprise technology, financial technology, consumer and healthcare.
“Locus is clearly a winner in the flexible warehouse robotics space, and the consistency with which the Locus team has executed is extraordinary,” said Barasz. “We are thrilled to be investors in Locus Robotics and to partner with the leading warehouse execution company in making global supply chains faster, more cost-effective, and more resilient and sustainable.”
G2 Venture Partners said it focuses on emerging technologies driving environmentally sustainable and socially responsible economic growth across traditional industries.
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