Locus Robotics announces $150 million in funding. This makes the valuation of this provider of warehouse automation to $ 1 billion. Locus will use the new investment to further expand its global market and finance research and development (R&D).
In a market of more than 20 billion square feet of warehouse space worldwide, and rising e-commerce volume, Locus helps operators meet the industry’s growing demand, while managing today’s often unpredictable volume shifts. Locus currently serves more than 40 customers and 80 warehouses around the world with its solution. LocusBots have picked more than 300 million units, including 70 million units during the recent holiday season.
“This new round of funding marks an important inflection point for Locus Robotics,” said Rick Faulk, CEO of Locus Robotics. “Warehouses facing ongoing labor 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.”
“The logistics industry is facing huge challenges as it struggles to cope with rapid increases in demand, and at the same time severe labor shortages,” said Ash Sharma, Managing Director at Interact Analysis, a market research firm covering the intelligent automation sector. “Warehouses are massively under-penetrated today, 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.”
Locus customers worldwide include CEVA Logistics, DHL, Material Bank, Boots UK, GEODIS, Port Logistics Group, Verst Logistics, Radial, and others, who are doubling or tripling their fulfillment productivity with near-100% accuracy, while saving on operating expenses, and enhancing employee morale and safety.