Exotec, the warehouse robotic company raises $90M to support the international expansion
Sept. 29, 2020 /PRNewswire/ -- Exotec, a leading robotics solution for logistics and creator of the Skypod 3D warehouse robots, announces today a $90 million financing round, led by 83North – with participation from Dell Technologies Capital – and supported by historical investors, Iris Capital and Breega.
This new funding will further fuel Exotec's international development, especially their recently formed Atlanta and Tokyo teams and help them meet the growing demand for warehouse automation technology in the United States and Asia. Exotec has the ambition to become the leader in robotics solutions for logistics and forecasts they will produce up to 4,000 robots per year by 2021.
Exotec's revolutionary robots allow retailers and e-merchants to quadruple their warehouse productivity and increase up to five times their storage capacity. Their autonomous robots can move in a unique three-dimensional pattern at a speed of 13 feet per second, creating a faster and more efficient picking and preparation process.
Warehouse robotics have a 45% CAGR while the global automation market's CAGR is also constantly growing by 10 to 15%.
"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. This $50 billion market should be supplied with flexible and efficient solutions to fulfill 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," said Romain Moulin, Co-founder and CEO of Exotec.
Exotec revenue doubled in 2020 as several new international clients, including Carrefour and Fast Retailing (Uniqlo group), adopted their technology in key warehouses. This latest funding round will allow the company to further expand and deliver their fully adjustable robotics solution to a wider range of clients in the U.S., Europe and Asia, across numerous B2B and B2C retail sectors such as fashion, grocery, pharmaceutical, hardware, and manufacturing.
Leading the round, Laurel Bowden, Partner at 83North, stated: "83North has invested in many teams and companies enabling the future of e-commerce. 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."
Scott Darling, President of Dell Technologies Capital, added: "Exotec is revolutionizing the adoption of robotics through its innovative and unique technology. Having relied heavily on world-class R&D skills aligned with solid industrial processes, Exotec is at the forefront of this burgeoning market and clearly the leader in the field."
Adding to this, Julien-David Nitlech, Managing Partner at Iris Capital noted: "Exotec has proven they can address their market needs in many new ways in the past year, scaling in very selective markets such as Japan or food distribution. We are confident that this new round will fuel yet another record growth phase across three continents."
Final notes from François Paulus, Founding-Partner at Breega who added: "As Exotec's earliest investors, we are both delighted and proud to witness first-hand Exotec's trailblazing growth and expansion into international markets. Founders Romain and Renaud have been able to meet growing demands while building and scaling a great team in record time. We're looking forward to seeing what progress this latest fundraise brings."
About Exotec
EXOTEC designs an ultra-innovative robotic system to optimize order preparation for e-merchants. Founded in 2015 by Romain Moulin and Renaud Heitz, EXOTEC has brought a surge of innovation and changed the rules of intralogistics by offering e-retailers an agile solution that adapts to their growth, while offering performance equivalent to market giants.