Locus Robotics Hits $1 Billion Valuation With $150M Series E
Locus Robotics raises $150 million in a Series E round that values the warehouse automation company at $1 billion. The new funding will support international expansion and increased hiring as e-commerce demand surges.
Massachusetts-based Locus Robotics raises $150 million in a Series E funding round led by Tiger Global Management and Bond. This new investment brings the company's total funding to around $250 million and officially values the robotics firm at $1 billion. Locus differentiates itself from competitors by offering a modular and flexible robotic fleet that organizations lease to automate their logistics operations.
CEO Rick Faulk emphasizes that companies desire flexible automation rather than permanent, expensive fixtures bolted to the warehouse floor. Locus currently deploys around 4,000 robots across 80 sites, with 80% of those locations in the U.S. and the remaining 20% in Europe. The company plans to use the new capital to expand its international footprint into the EU and the APAC region, while also boosting research, development, sales, and marketing efforts.
The ongoing pandemic drives massive interest in this type of logistics automation as e-commerce orders experience a significant, long-term jump. Faulk notes that the shift to online shopping represents a four to five year acceleration in the market that will not reverse. Furthermore, Locus has no interest in being acquired by larger tech giants, choosing instead to operate independently and help non-Amazon retailers compete in the modern logistics landscape.