A leading robotics company is getting funding to expand its reach globally.
Locus Robotics, a leader in autonomous mobile robots for fulfillment warehouses announced that it has secured $50 million in additional funding from existing investor Tiger Global Management, according to a press release.
The goal of the funding it to facilitate continued growth and expansion into new markets around the globe and meet the needs of its growing customers and partners, according to the release.
"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," Rick Faulk, CEO of Locus Robotics, said in the release. "Locus is uniquely positioned to drive digital transformation in this enormous global market."
Locus Robotics creates robotics that can work with human workers to help reduce piece-handing times, according to the press release.
"We are impressed by Locus Robotics' proven technology, flexible design and customer obsession," Griffin Schroeder, a partner in Tiger Global, said in the release. "As their warehouse partners face rapidly growing e-commerce volumes, rising labor costs and increasingly demanding customers, Locus will be ready to provide solutions that work."
This year, Locus Robotics made the list of Inc. 500, ranking number 428, according to the press release.