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 new late-stage funding round.
Bots site announce Series F funding round today. Goldman Sachs and G2 Venture Partners were the principal investors. The round, which values Locus Robotics at nearly $2 billion, also included participation from more than half a dozen other backers including Silicon Valley Bank.
“Locus has established itself as an innovative and high-quality market leader for flexible automation in the massive warehouse and distribution fulfillment market,” said Mark Middle, managing director of Goldman Sachs. “Our investment reflects our view that Locus has the product offering and operational excellence required to meet and exceed the market challenges posed by the current dynamic economic environment.”
Locus Robotics, based in Wilmington, Massachusetts, is developing a line of robots that can automatically move goods from one part of a warehouse to another. Startup bots are primarily designed to simplify a task known as the picking process. During the picking process, employees find the warehouse shelf where the product is held, retrieve the product and carry it to a section of the warehouse where it can be prepared for shipment.
Locus Robotics’ warehouse bots enable companies to get the job done faster. After retrieving a product from a warehouse shelf, workers can place the product into the shipping bin of one of the startup’s robots. The machine will then automatically move the product to the warehouse section where it can be prepared for delivery.
Locus Robotics offers three robots. The startup’s first system, Locus Origin, can hold up to 80 pounds of goods between two sections of the warehouse. The system is available alongside the more advanced Locus Vector and Locus Max, which can haul up to 600 pounds and 1.5 tons of cargo, respectively.
Locus Robotics says its technology takes at least four to six weeks to deploy to the warehouse. After the deployment process is complete, warehouse operators can monitor the performance of their bot fleets through an app called Locus Management Portal. The application provides access to data such as the number of packets each bot processes per hour.
Locus Robotics says its customer base includes major logistics companies such as DHL and Ceva Logistics Ltd, as well as organizations in other industries. The startup has inked deals to deploy its robots in more than 230 warehouses and other locations around the world. At some of these locations, Locus Robotics expects to roll out up to 500 of its robots.
“This new round of financing marks an important inflection point for Locus Robotics as we look forward to our next phase of growth, and we have strategically chosen to bring in investors with a wealth of experience in both the public and private markets to advise us as we continue our business,” said Rick Volk, CEO of Locus. Robotics.”As the supply chain continues to rapidly digitize, warehouses are increasingly seeking to automate flexible and intelligent robots to improve productivity and grow their operations.”
picture: Bots site
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