French logistics robotics company Exotec has today announced that it has raised $90m funding in order to roll out its warehouse automation solution globally.
The funding was raised in a financing round led by global venture capital firm 83North, with additional investment in Exotec coming from Dell Technologies Capital and former investors Iris Capital and Breega.
Exotec provides warehouse automation solutions for the commerce industry through its Skypod system.
This is a scalable, modular robotics system where individual robots can move across the ground and scale shelves to retrieve individual products for shipping, with a picking speed of 450 items per hour.
The solution is already used by French supermarket giant Carrefour and Fast Retailing, which owns the clothing brand Uniqlo.
The funding will build on Exotec’s recently established offices in Atlanta, the US, and Tokyo, Japan in order to expand the company’s presence in the US and Asia.
“There is a global need for robotics solutions in warehouses, but logisticians are often concerned about investing in traditional fixed automation in this fast-changing world,” said Romain Moulin, co-founder and CEO of Exotec.
“This $50bn market should be supplied with flexible and efficient solutions to fulfil customers’ needs and new shopping timelines. We offer a new generation of warehouse robotics and have the largest deployed and operational systems across three continents.”
Exotec funding comes as warehouse automation demand grows amid ecommerce boom
The ecommerce space has grown dramatically during the Covid-19 pandemic, as consumers increasingly shift their shopping to online, and demand for warehouse automation and robotics has similarly climbed to meet this increase.
Warehouse robotics are currently enjoying a compound annual growth rate of 45%, while global automation is seeing growth of between 10-15%.
“As a result, investors are seeing this as a key area to fund, making Exotec an appealing choice.
83North has invested in many teams and companies enabling the future of ecommerce,” said Laurel Bowden, partner at 83North.
“In our opinion, Exotec is one of those special companies, where the founders’ backgrounds, company culture, outstanding technology, delighted customers and a rapidly changing market make it a very unique investment.”