Locus Robotics Secures $50 Million in Additional Funding to Accelerate Global Expansion
WILMINGTON, Mass., Sept. 14, 2021 /PRNewswire/ -- Locus Robotics, the leader in autonomous mobile robots (AMR) for fulfillment warehouses today announced that it has secured $50 million in additional funding from existing investor Tiger Global Management to facilitate continued growth and expansion into new markets around the globe, and more effectively meet the needs of its growing customer and partner ecosystem.
"At a time of increasing volumes and ongoing labor shortages, this new round of funding underscores how critical flexible, scalable, intelligent robotics automation has become to the warehouse and the supply chain," said Rick Faulk, CEO of Locus Robotics. "Locus is uniquely positioned to drive digital transformation in this enormous global market."
This additional funding adds to the investment made by Tiger Global in Locus's series E round in February.
"We are impressed by Locus Robotics' proven technology, flexible design, and customer obsession," said Griffin Schroeder, Partner, Tiger Global. "As their warehouse partners face rapidly growing e-commerce volumes, rising labor costs, and increasingly demanding customers, Locus will be ready to provide solutions that work."
Locus Robotics' revolutionary, multi-bot solution incorporates powerful and intelligent autonomous mobile robots that operate collaboratively with human workers to dramatically improve piece-handling productivity 2 – 3x, with less labor compared to traditional piece handling systems. This award-winning solution helps retailers, 3PLs, and specialty warehouses efficiently meet and exceed the increasingly complex and demanding requirements of fulfillment environments, easily integrating into existing warehouse infrastructures without disrupting workflows, instantly transforming productivity without transforming the warehouse. In 2021 Locus Robotics made the list of Inc. 500, ranking number 428. For more information, visit www.locusrobotics.com.
About Tiger Global
Tiger Global Management is an investment firm that focuses on private and public companies in the global Internet, software, consumer, and payments industries. The Firm's private equity strategy was launched in 2003 and has invested in hundreds of companies across more than 30 countries, in all stages of funding – from Series A to pre-IPO. The venture business, currently investing its twelfth fund, aims to partner with dynamic entrepreneurs operating market-leading growth companies; examples include JD.com, Meituan, Facebook, LinkedIn, Spotify, Peloton, Credit Karma, Toast, Stripe, ByteDance, Stone, Warby Parker, Flipkart, Despegar, Ola and DiDi. Tiger Global was founded in 2001 and is based in New York with affiliate offices in Hong Kong, Beijing, Singapore and Bangalore.
SOURCE Locus Robotics
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