Locus Robotics collects $50 million in new funding for AMRs
Investors continue funneling cash into logistics tech as AI provider LevaData also raises $47 million round.
Warehouse automation provider Locus Robotics today gained new fuel to develop its autonomous mobile robot (AMR) technology for fulfillment tasks, thanks to a $50 million funding round.
Massachusetts-based Locus Robotics said the new backing would 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," Locus CEO Rick Faulk said in a release.
The backing came the same day that LevaData, which uses artificial intelligence (AI) to direct material sourcing and accelerate new product development, landed a $47 million round.
San Jose, California-based LevaData said the funding comes as global supply chains continue to experience significant challenges, with volatility pushing companies to improve supply continuity and deepen market intelligence. “This partnership with Banneker will help catalyze procurement and sourcing transformation at scale for our customers by creating agility and sustainable value with our AI-based platform,” Rajesh Kalidindi, CEO and founder of LevaData, said in a release. “Our mission is to make supply management and direct material sourcing a competitive advantage. This new funding will also help accelerate buildout and value delivery for our buyer, supplier, and partner community.”
Locus Robotics’ backing came from existing investor Tiger Global Management and followed a previous round of $150 million just seven months earlier. That “series E” round in turn had followed a $40 million venture round in 2020. In all, the startup has now raised some $305 million and reached a market valuation of more than $1 billion.
LevaData’s recent backing is “series C” funding, led by Banneker Partners with participation from pre-existing investor Tola Capital. It follows previous backing including a $12 million round in 2018.
We’re reimagining the world of mobile robotics. Seven months ago, we became the warehouse robotics industry’s first “Unicorn” and now, we’re soaring even higher to take digital warehouses to a whole new level. Stay tuned. #robotics #automation
— Locus Robotics (@LocusRobotics) September 14, 2021
Read more: https://t.co/6yVtS4mbZ8 pic.twitter.com/kV3ylpoc4n
@LevaData raised $47 million in Series C funding. This strategic investment was led by Banneker Partners with participation from its pre-existing investor, Tola Capital.https://t.co/vBRC38L6SN#sourcing #artificialintelligence #ai #supplychain #supplymanagement #procurement
— LevaData (@LevaData) September 13, 2021