Exotec Raises $335M to Streamline Robotics Supply Chain

Global warehouse robotics company Exotec has closed a Series D funding round for $335 million at a $2 billion valuation, and it plans to use the fresh capital to launch large-scale deployments in North America, Europe and Asia for a number of global brands, according to a Monday (Jan. 17) press release.

Exotec is also planning to hire 500 new research and development (R&D) engineers by 2025 to work on enhancements to its warehouse automation technology, the release stated. The company wants to double its headcount from 300 by 2023.

The Growth Equity business within Goldman Sachs Asset Management led the fundraising effort for Exotec, with other involvement by 83North and Dell Technologies Capital, according to the release.

“Following the most significant supply chain disruptions of the modern era, there’s only room left for innovation,” said Exotec Co-Founder and CEO Romain Moulin in the release. “While the entire logistics sector is fraught with uncertainty, one of the most prevalent challenges is ongoing labor shortages. Exotec pioneers a new path: elegant collaboration between human and robot workers that delivers warehouse productivity in a lasting, far more sustainable way.”

Exotec has doubled its revenue and tripled its customer base since closing its $90 million Series C funding round in fall 2020, the release stated. The company has also inked deals with eight new enterprise customers, including Gap and Geodis, and expanded its work with its existing clients in new markets.

Meanwhile, artificial intelligence (AI) robotics company Brain Corp is partnering with robotic floor scrubber firm Tennant Company to launch the data capture solution Inventory Scan, which is fitted to autonomous floor scrubbers and can automatically scan inventory and report details.

Read more: AI Intersects With Floor Scrubbers for Robotic In-Store Analytics

Inventory Scan uses a “first-of-its-kind, multi-purpose design” that is connected to the cloud and serves as a powerful scanning accessory that gets attached to Tennant’s line of autonomous floor scrubbers. The scrubbers are powered by Brain Corp’s operating system, BrainOS, and move autonomously about the store.