The funding round was led by the growth equity business within Goldman Sachs Asset Management
Exotec claims that its Skypod robots can reach a height of 36ft to enable high-density inventory storage. (Credit: Exotec)
Exotec, a French provider of warehouse robotic solutions, has raised $335m in a Series D round at a valuation of $2bn with an objective to enhance supply chain resilience for global retailers.
The funding round of the French firm was led by the growth equity business within Goldman Sachs Asset Management. On the other hand, 83North and Dell Technologies Capital made follow-on investments in the company.
Exotec helps brands with flexible warehouse automation to enhance operational efficiency and economics.
Founded in 2014, the company has developed a robotic goods-to-person picking system called Skypod. The system uses robots that are claimed to reach a height of 36ft to facilitate high-density inventory storage and retrieval.
The company is said to support more than 30 brands spanning e-commerce, retail, grocery, manufacturing, and third-party logistics sectors.
Goldman Sachs Asset Management growth equity business managing director Christian Resch said: “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.”
Exotec plans to utilise the funds to continue to roll out large-scale deployments for global brands in North America, Europe, and Asia. So far, the company had secured $477m in funding, which includes $90m in a Series C round in September 2020.
Since the Series C round, the warehouse robotic solutions provider is claimed to have doubled its revenue and increased its customer base by three folds.
In North America, the French firm is said to have signed eight new enterprise customers including Gap and Geodis.
For supporting high-volume fulfilment and returns, the company had introduced the Skypicker technology, which is an articulated arm that can move 600 items per hour.
Exotec co-founder and CEO Romain Moulin said: “Following the most significant supply chain disruptions of the modern era, there’s 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.”