Strategic round of funding accelerates industry leadership in fast growing warehouse automation space
New board members Goldman Sachs Asset Management and G2 Venture Partners to support Locus’s next phase of growth
Locus Robotics, a leader in autonomous mobile robots (AMR) for fulfillment and distribution warehouses, today announced $117 million in Series F funding, led by Goldman Sachs Asset Management and G2 Venture Partners. As part of the financing, Mark Midle, Managing Director, Goldman Sachs, and Zach Barasz, Partner, G2 Venture Partners, will join the Locus Board of Directors, bringing their unique industry perspectives and insights to further guide Locus’s next stage of growth and global expansion.
“Locus has established itself as an innovative, high-quality market leader for flexible automation in the massive warehouse fulfillment and distribution market,” said Mark Midle of Goldman Sachs. “Our investment reflects our view that Locus has the product offering and the operational excellence required to meet and exceed the market challenges posed by today’s dynamic economic environment.”
“This new round of funding marks an important inflection point for Locus Robotics as we look toward our next stage of growth, and we strategically chose to bring in investors with a wealth of experience in both public and private markets to advise us as we continue our journey,” said Rick Faulk, CEO of Locus Robotics. “As the rapid digital transformation of the supply chain continues, warehouses increasingly seek flexible, intelligent robotics automation to improve productivity and grow their operations, despite ongoing labor shortages and exploding order volumes.”
The Locus warehouse execution platform disrupts large-scale warehouse fulfillment and distribution with an industry-leading, intelligent, and dynamically scalable robotics-driven solution. Locus delivers 2X-3X productivity by seamlessly coordinating both human labor and AMRs to dramatically improve order fulfillment efficiency and workplace ergonomics, while lowering operational costs.
“Locus is clearly a winner in the flexible warehouse robotics space, and the consistency with which the Locus team has executed is extraordinary,” said Zach Barasz of G2 Venture Partners. “We are thrilled to be investors in Locus Robotics, and to partner with the leading warehouse execution company in making global supply chains faster, more cost-effective, and more resilient and sustainable.”
With more than 230 sites under contract around the world – some having as many as 500 LocusBots per site – the Locus solution efficiently and seamlessly orchestrates the operation and management of multiple robot form factors, and provides forward-looking, real-time business intelligence, critical for optimizing productivity, proactively managing labor, and managing costs.
“By 2026, 75% of large enterprises in product-centric businesses will have adopted some form of intralogistics robots in their warehouse operations,” said Dwight Klappich, Analyst, Gartner. “The lower price of entry and faster time to value of robotics opens the market to more companies that can justify automation … as companies adopt robotics, most organizations will expand and scale their use of robotics within the enterprise, leading to fleet growth.”*
“As order volumes continue to increase and labor shortages persist worldwide, robotics automation is now a must-have for warehouse operators,” said Ash Sharma, Managing Director, Interact Analysis. “Locus is uniquely positioned as a leader in digital transformation in this enormous global market as warehouse operators increasingly focus on scalability, fast ROI, and ease of deployment.”
Locus partners with the world’s leading warehouse operators to create a powerful synergy that speeds deployment and delivers powerful, actionable business intelligence to optimize warehouse productivity, cost management, and labor management.
“Our 5-year partnership with Locus has enabled DHL to deliver more resilient, flexible, and scalable supply chain solutions to our customers to support faster delivery, improve operational efficiency, and reduce employee workloads,” said Sally Miller, CIO of DHL Supply Chain North America. “In that time, Locus’s ability to integrate groundbreaking technologies into our operations seamlessly and in a targeted way has been a tremendous success for our customers’ supply chains.”
In September 2022, Locus reached a major milestone with its industry-first 1 billionth pick. It took Locus 1,542 days to pick its first 100 million units and just 40 days for the last 100 million picks. Locus robots now average more than three million picks per day around the world.
Locus counts more than 90 customers worldwide, including CEVA Logistics, DHL, Material Bank, Boots UK, GEODIS, Ryder, Verst Logistics, Radial, and others, who are consistently doubling and tripling their fulfillment productivity, with near-100% accuracy, using the Locus solution.
Also participating in the Series F round were Stack Capital Group,Next47, Stafford Capital Partners, HESTA, Newton Investment Management North America, Gray’s Creek Capital, Silicon Valley Bank, Hercules Capital, Inc., BOND, and Scale Venture Partners.
About Locus Robotics
Locus Robotics’ revolutionary, multi-bot solution incorporates powerful and intelligent autonomous mobile robots that operate collaboratively with human workers to dramatically improve piece‐handling, case-handling, and pallet-moving productivity 2X–3X, while optimizing labor and making efficient use of warehouse space. Locus helps retailers, 3PLs, and specialty warehouses efficiently meet and exceed the increasingly complex and demanding requirements of fulfillment environments. Easily integrating into large-scale new and existing warehouse infrastructures without disrupting workflows, Locus transforms productivity without transforming the warehouse.
Headquartered in Wilmington, Massachusetts, Locus’s EMEA presence is centrally located in Amsterdam, with APAC presence located in Singapore.
In 2022 alone, Locus Robotics has won more than 17 industry awards, including being named to the Inc. 500 for the second year in a row and a 2022 IFOY Award for its Autonomous Mobile Robot Solution in the Automated Guided Vehicle (AGV/AMR) category.
About Goldman Sachs Asset Management Growth Equity
Bringing together traditional and alternative investments, Goldman Sachs Asset Management provides clients around the world with a dedicated partnership and focus on long-term performance. As the primary investing area within Goldman Sachs (NYSE: GS), we deliver investment and advisory services for the world’s leading institutions, financial advisors and individuals, drawing from our deeply connected global network and tailored expert insights, across every region and market—overseeing more than $2 trillion in assets under supervision worldwide as of September 30, 2022. Driven by a passion for our clients’ performance, we seek to build long-term relationships based on conviction, sustainable outcomes, and shared success over time. Goldman Sachs Asset Management invests in the full spectrum of alternatives, including private equity, growth equity, private credit, real estate and infrastructure. Since 2003 the Growth Equity business within Goldman Sachs Asset Management comprising more than 75 individuals has invested over $13 billion in companies led by visionary founders and CEOs. We focus exclusively on investments in growth stage and technology-driven companies spanning multiple industries, including enterprise technology, financial technology, consumer and healthcare. Follow us on LinkedIn.
About G2 Venture Partners
G2 Venture Partners is a venture and growth firm focused on emerging technologies driving sustainable transformation across traditional industries. We support entrepreneurs who are unlocking new paths to environmentally and socially responsible economic growth. Learn more at www.g2vp.com and contact the team at [email protected].
About Stafford Capital Partners
Stafford Capital Partners (“Stafford”) is an independent private markets investment and advisory firm with USD 7.5bn in assets under management and advice for more than 170 institutional clients worldwide. Founded in 2000, it has a global team of 80+ professionals investing in timberland, infrastructure, agriculture & food and sustainable private equity and private credit through secondaries, primaries, and co-investments. Stafford has been a UN PRI signatory since 2010 and has committed to the Net Zero Asset Managers initiative. It puts sustainability at the center of its investment process and implements a well-defined ESG program across all strategies.
About Gray’s Creek Capital Partners
Gray’s Creek Capital Partners is an institutional family office based in Westport, CT and Dallas, TX. We are long only, long-term committed capital focused on both public equity and late-stage private investing.
About Stack Capital
Stack Capital is an investment holding company and its business objective is to invest in equity, debt and/or other securities of growth-to-late-stage private businesses. Through Stack Capital, shareholders have the opportunity to gain exposure to the diversified private investment portfolio; participate in the private market; and have liquidity due to the listing of the Stack Capital common shares and warrants on the Toronto Stock Exchange. At the same time, the public structure also allows Stack Capital to focus its efforts on maximizing long-term performance through a portfolio of high growth businesses, which are not widely available to most Canadian investors. SC Partners Ltd. has taken the initiative in creating Stack Capital and acts as Stack Capital’s administrator and is responsible to source and advise with respect to all investments for Stack Capital.
Next47 is a global venture firm built for enterprise founders. Based in Silicon Valley, and with offices in Europe, the US, and Israel, we lead investments in early and expansion stage companies, with focus on SaaS, Enterprise IT, Deep Tech, and AI/ML. We have a passion for products that power the world, build conviction in the categories we invest in, and are deeply committed to founders who choose to partner with us. Our global team provides the domain expertise, specialized resources, and deep network founders need to go from idea to category-leading business. For more information, visit www.next47.com
About SuRo Capital
SuRo Capital Corp. (Nasdaq: SSSS) is a publicly traded investment fund that seeks to invest in high-growth, venture-backed private companies. The fund seeks to create a portfolio of high-growth emerging private companies via a repeatable and disciplined investment approach, as well as to provide investors with access to such companies through its publicly traded common stock. SuRo Capital is headquartered in New York, NY and has offices in San Francisco, CA. Connect with the company on Twitter, LinkedIn, and at www.surocap.com.
*Gartner, Market Guide for Intralogistics Smart Robots, 18 April 2022, Dwight Klappich
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