It appears that Locus Robotics is striking while the iron is hot. Seven months after raising a hefty $ 150 million Series E, Tiger Global is investing another $ 50 million in the Massachusetts firm. The latest round turned Locus into a unicorn, and this brings the company’s total funding to around $ 300 million.
Locus specializes in warehouse and fulfillment robotics, creating a more modular solution that doesn’t require the “basic build” kind of a Berkshire Gray. The company’s focus is closer to that of Fetch, which was acquired by Zebra Technologies in July. Locus appears to be prime for an acquisition of a logistics or retail company struggling to compete with the monolith of Amazon.
Continual rounds of funding, on the other hand, seem to point to a company looking to carry on alone.
CEO Rick Faulk confirmed this with me in February, stating, “We have no interest in being acquired. We believe that we can build the highest and greatest value by operating independently. There are investors who want to invest in helping everyone who is not called ‘Amazon. ‘ to compete”.
Faulk adds this morning that the new funds are a kind of validation for Locus. Certainly they are another sign of accelerated interest in automation amid the pandemic. “At a time of growing volumes and ongoing labor shortages, this new round of funding underscores how critical flexible, scalable and intelligent robotic automation has become for the warehouse and supply chain,” says the executive. “Locus is uniquely positioned to drive digital transformation in this huge global market.”
The funds will be used to further expand Locus’ global operations.