Locus Robotics Raises $117M in Series F Funding, Brings Valuation to $2B
November 29, 2022
Locus Robotics, which develops autonomous mobile robots (AMRs) for fulfillment and distrution warehouses, has announced raising more than $117 million in a Series F funding round. The latest round was led by Goldman Sachs Asset Management and G2 Venture Partners.
With more than 230 sites under contract around the world – some having as many as 500 LocusBots per site – the Locus solution orchestrates the operation and management of multiple robot form factors, and provides forward-looking, real-time business intelligence, critical for optimizing productivity, proactively managing labor, and managing costs, the company said.
As part of the financing, Mark Midle, Managing Director, Goldman Sachs, and Zach Barasz, Partner, G2 Venture Partners, will join the Locus Board of Directors, to help guide Locus’s next stage of growth and global expansion.
“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.”
In September, Locus announced that its robots have picked more than 1 billion items for its customers. The company took 1,542 days to pick its first 100 million units, and just 40 days for the last 100 million. Locus said its robots now average more than 3 million picks per day worldwide. Customers include CEVA Logistics, DHL, Material Bank, Boots UK, GEODIS, Ryder, Verst Logistics, Radial, and others.
“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,” said 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.”
Also participating in the Series F round were 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.
To learn more, visit the Locus Robotics website here.
