Warehouse robotics start-up Exotec has secured US$335m (£244.9m) in Series D funding, reaching a valuation of US$2bn (£1.4bn).
The French firm will use this latest funding to continue to launch large-scale deployments in North America, Europe, and Asia for global brands, including sporting goods retailer Decathlon. The company also plans to hire 500 new R&D engineers by 2025 to accelerate the development of its warehouse automation technology.
“Following the most significant supply chain disruptions of the modern era, there’s only room left for innovation,” said Romain Moulin, co-founder and CEO of Exotec.
“While the entire logistics sector is fraught with uncertainty, one of the most prevalent challenges is ongoing labour shortages. Exotec pioneers a new path: elegant collaboration between human and robot workers that delivers warehouse productivity in a lasting, far more sustainable way.”
The latest funding round was led by Goldman Sachs Asset Management, with follow-on investments from 83North and Dell Technologies Capital.
Christian Resch, managing director in the growth equity business within Goldman Sachs Asset Management, added: “Exotec is well-positioned to seize the enormous warehouse automation market opportunity both because of its global presence and strong track record of success with industry-leading retailers and brands.
“Exotec builds scalable solutions that are an accelerant for change and supports business growth despite market disruptions.”
