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 (NYSE: PLD), the global leader in logistics real estate.
“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 support ongoing research and development (R&D) to grow and enhance its award-winning, innovative warehouse technology solution.
“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 Griffin Schroeder, Partner at Tiger Global. “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,” said Jay Simons, a general partner at BOND.
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.
“The logistics industry is facing huge challenges,” said Ash Sharma, MD at Interact Analysis, a market research firm covering the intelligent automation sector. “Warehouses are massively under-penetrated, but increasingly operators are seeing the huge benefits that warehouse robotics such as the Locus solution can bring. As a result, we expect that over a million warehouse robots will be installed over the next four years and the number of warehouses using them will grow ten-fold.”