Locus Raises $117 Million in Series F Financing - Sources Magazine

Locus Raises $117 Million in Series F Financing – Sources Magazine

Bots siteThe valuation has ballooned to nearly $2 billion with new funding that will help it keep up logistics Companies and brands looking to raise the bar Warehouse automation In response to consumer demand.

The maker of autonomous robots in Wilmington, Massachusetts is significant DHLAnd the logistics a company geodesVF Corporation.And the shoes uk And the CEVA Logistics among its clients, which spans a wide range selling by pieces, logistics, healthcare and third party industrial services. Companies use their bots in conjunction with human labor to boost efficiencies and reduce errors in distribution and investigation, achievement to treat.

placeOver $117 million led by Goldman Sachs Asset Management and G2 Venture Partners, with capital injections expected to be infused to further strengthen technologyResearch and development and market expansion.

Locus sees a huge runway for growth, citing A.J Gartner Predict that 75 percent of enterprise-level companies focused on selling products will use bots along with human labor pool in storehouse operations by 2026.

Interest in warehouse automation has helped among investors in Calgary Atabotec withdrew $71.7 million in Series C-1 funding earlier this month. Attabotics offers a technology solution different from Locus, with its warehouse storage systems built vertically to help customers save on real estate. Attabotics bots then choose which items are transferred to the human workers. Elsewhere in Warehouse Automation, an offshore logistics company GXO Logisticss said that the deployment of warehouse technology this month is expected to rise by more than 50 percent by the end of this year from 2021. GXOwith automated sites now generating more than a third of their total sales.

The issue of automation has been particularly demonstrated in the fashion and retail industries, where multi-channel selling has become the norm.

“Even as the volume of e-commerce continues to increase as customers are now more comfortable ordering online and labor shortages persist, there is greater pressure on retailers to meet faster delivery times while offering their customers a more complete omnichannel experience,” Locus CEO Rick Faulk stated. Robotics, according to Sourcing Journal in an email discussing the new funding. “This includes implementing many new e-commerce approaches that are starting in the Covid era that go beyond traditional online ordering, such as BOPIS [buy online, pick-up in store], store shipping, curbside shipping and more. ”

Volk also noted what he described as the “Goldilocks effect” for customers ordering multiple sizes to ensure the correct fit which adds more stress to the logistics of the return method. Volk added that this is leading many retailers to reconsider free shipping and free returns to counter the costs associated with high return rates.

Similar to the efficiencies that Locus robots create in helping employees select and fill orders that are sent to customers, they also help streamline the returns process once the product is back in the warehouse.

“The Putaway game is actually a reverse version of the picking scenario where disparate items must be put back into the appropriate bins quickly,” Volk said of one of the robotic jobs.

Thus, the warehouse employee can take the items picked up from LocusBot, and also put in an item brought in by a different LocusBot.

“A worker has to read the LocusBot screen just to know what their job is versus having to run a separate shift or a team during the off hours set aside for return, stocking, and replenishment,” Volk said.

Locus, which currently has about 450 workers globally, expanded its workforce by more than 100 percent last year, with similar growth expected next year, as market demand pushes the robotics company into new markets and industries.

“As demand for warehouse automation growth is driven by labor shortages, Locus customers are expanding the size of existing deployments as well as adding Locus to new locations around the world,” Volk said.

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