Wilmington based start-up Locus Robotics has raised USD 150 million funds on 18th of February, 2021 in series E round led by Tiger Global Management.
Investors: The capitalization of USD 150 million funds took place in the series E funding round led by Tiger Global Management along with the involvement of previous investors like Prologis, Scale Ventures Partners and Zebra Ventures.
What the funding is for: The newly acquired capital would be utilized for the improvement and development of their infrastructure and client interface system.
Founders of the company: Bruce E. Welty and Rick Faulk
Founded date: 2014
Legal name of the company: Locus Robotics, inc.
About the company: Locus Robotics is a privately held organization operating under the logistics and supply chain industry. Its headquarters is established in Wilmington and has a work strength of around 51-200 employees. They deal with various specialties like ecommerce, warehouse, robotics and autonomous vehicles. Locus Robotics is basically an organization which develops and designs innovative autonomous mobile robots.
What the CEO has to say: “We have no interest in being acquired, we think we can build the most and greatest value by operating independently. There are investors which want to invest in helping everyone that’s not named Amazon compete. The company will also be investing in R&D, marketing and sales and increasing its current headcount of 165 by 75 coming this year.” — Bruce E. Welty, Co-founder of Locus Robotics.
“COVID has put a spike in the growth of online ordering, clearly and that spike is at least a four-to-five-year jump. If you look at the trend of ecommerce, it’s been on a steady upward tick. It was about 11% last year and COVID put a spike up to 16/17%. We think that genie’s out of the bottle and it’s not going back anytime soon.” — Rick Faulk, Co-founder of Locus Robotics.
What the investors have to say: “We can change the wings on the plane while it’s flying, basically no one else can do that. Companies want flexible automation. They do not want to bolt anything to the floor. If you are a third-party logistics company and you have a two, three-year contract, the last thing you want to do is invest USD 25 to USD 50 million to buy a massive solution, bolt it to the floor and be locked into all of this upfront expense.” — CEO of Tiger Global Management.
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