Goldman Sachs' growth equity division and G2 Venture Partners invested in the Series F round.
Goldman Managing Director Mark Midle, who will be joining Locus' board, called the company a market leader in the warehouse automation space. Goldman, G2, and other investors in the oversubscribed round have been watching Locus for more than four years. He wanted the company to go public in the next year or two, so he brought in new talent to the board.
We are ready to go if the window opens in the next year or two. We have the numbers to do it.
A 5-foot tall robot with a small screen on top and a 2-foot circular base can hold a box, bin, or shelves. Human workers take items off of shelves and the robots show up to pick them up.
According to the company, the system increases productivity by a factor of two or three. It offers a relatively easy integration process for warehouses.
The company has more than 100 million dollars in recurring revenue.
A tight labor market has kept demand high in e- commerce warehouses. That doesn't mean that all warehouse robotic startups are doing well. Funding for ventures without proven results is in trouble.
Locus's "robots-as-a-service" business model doesn't require a multi million dollar upfront purchase, which makes it an easier sell for warehouse operations. Over the course of multi-year contracts, warehouses get more efficient at using the system, which drives down their costs per order.
Locus robot are used in more than 300 warehouses around the world. CEVA Logistics is one of the existing customers.
Locus will grow its staff to 500 this year from 280 at the end of 2021, expand into the Asian market, and consider acquisitions "opportunistically" as it waits for a more favorable climate for an IPO, according to its CEO.
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