Locus Robotics becomes the newest retail technology unicorn
Locus Robotics, which specialises in autonomous mobile robots for fulfilment warehouses, has bagged $150 million in Series E funding, bringing its valuation to $1 billion.
The round was led by Tiger Global Management and BOND.
“This marks an important inflection point for us,” says Rick Faulk, CEO at Locus Robotics.
“Warehouses facing ongoing labour shortages and exploding volumes, are looking for flexible, intelligent automation to improve productivity and grow their operations.”
“We are uniquely positioned to drive digital transformation in this enormous global market.”
The company will use the new investment to expand its global market opportunities and support ongoing research and development around its warehouse technology solution.
"Locus's innovative mix of proven technology, flexible design, and seamless scalability makes it an ideal choice to lead the digital transformation of the warehouse," says Griffin Schroeder, Partner at Tiger Global.
"Facing rapidly growing e-commerce volumes, rising labor costs, and increasingly demanding customers, warehouse operators are seeking an automation solution that is flexible, scalable, and just works."