Locus Robotics, a leader in autonomous mobile robots (AMRs) for fulfillment hubs, has raised US$117 million in Series F funding and announced new board members as it aims to accelerate its growth in the warehouse automation space.
The funding round, which was led by Goldman Sachs Asset Management and G2 Venture Partners, has now brought Locus Robotics’ valuation close to US$2 billion.
As part of the financing, Mark Midle, Managing Director of Goldman Sachs, and Zach Barasz, Partner at G2 Venture Partners, will join the Locus Board of Directors, bringing their insights to further 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.”
Robotic solutions
Locus Robotics’ multi-bot solution incorporates intelligent autonomous mobile robots that operate collaboratively with human workers to improve piece‐handling, case-handling, and pallet-moving productivity “2X–3X,” while optimizing labor and making efficient use of warehouse space.
The firm has more than 90 customers worldwide, including CEVA Logistics, DHL, Material Bank, Boots UK, Geodis, Ryder, Verst Logistics, Radial, and others. Currently more than 230 sites are under contract around the world, some having as many as 500 LocusBots per site.
In September 2022, Locus reached a major milestone with its industry-first one billionth pick. It took Locus 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 three million picks per day around the world.
“Next stage of growth”
“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,” Faulk added.
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, BOND, and Scale Venture Partners.
