France-based logistics-focused robotics technology developer Exotec closed a $335m series D round yesterday featuring computing technology producer Dell, as the pandemic continues to drive funding for supply chain companies.
Investment bank Goldman Sachs’ Asset Management unit led the round through its growth equity division at a $2bn valuation. It included venture capital firm 83North and Dell was represented by corporate venturing vehicle Dell Technologies Capital.
Founded in 2015, Exotec provides an automated robot system called Skypod which is designed to help warehouse workers manage and retrieve inventory. The robots are up to 12 metres in height and intended to boost operational efficiency.
The company is working with more than 25 supply chain providers across the e-commerce, grocery, retail, manufacturing and third-party logistics sectors and has some 300 employees globally.
The funding will help Exotec expand its presence across North America, Europe and Asia as it looks to hire 500 research and development engineers by 2025 in a bid to further improve its warehouse automation offering.
Romain Moulin, co-founder and chief executive of Exotec, said: “Following the most significant supply chain disruptions of the modern era, there is only room left for innovation.
“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.”
Since the covid-19 crisis broke out in early 2020, global supply chain operations have been continuously disrupted due to associated lockdown and self-isolation measures as well as inventory interruptions and port bottlenecks.
Various retail automation and supply chain services groups have raised corporate backing in recent months, including Bolt Logistics, Lineage Logistics and Focal Systems.
83North had already led a $90m series C round for Exotec in 2020 that included Dell Technologies Capital, Iris Capital and Breega.
Iris Capital took part in a $17.7m round for the company two years earlier, investing together with 360 Capital Partners and Breega, both of whoch had joined unnamed existing backers for a $29,000 round in 2016.
Image courtesy of Exotec Solutions SAS.
