Goldman Sachs Asset Management invests in Warehouse Robotics leader Exotec robotic systems to improve warehouse working conditions while also optimizing operational efficiency.
ATLANTA, Jan. 17, 2022 – Today Exotec, a leader in global warehouse robotics, announced $335M in Series D funding at a $2B valuation. The Growth Equity business within Goldman Sachs Asset Management led the round with follow-on investments from 83North and Dell Technologies Capital. Exotec will leverage the funds to continue to launch large-scale deployments in North America, Europe, and Asia for global brands. The company also plans to hire 500 new R&D engineers by 2025 to accelerate the development of its high-performance warehouse automation technology.
As communities continue to face the detrimental effects of ongoing delays and failures, the epidemic demonstrated how important supply chain operations are to everyday, modern life. These compounding issues, which range from inventory delays to port congestion, are only expected to grow in frequency and severity. According to a recent Resilinc analysis, supply chain interruptions are growing 67 percent year over year.
“Following the most significant supply chain disruptions of the modern era, there’s only room left for innovation,” said Romain Moulin, Co-founder and CEO of Exotec. “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 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,” said Christian Resch, Managing Director in the Growth Equity business within Goldman Sachs Asset Management. “Exotec builds scalable solutions that are an accelerant for change and supports business growth despite market disruptions.”
“Exotec warehouse robotics have transformed our logistics operations in multiple markets around the world, most recently in our Montreal fulfillment center,” said Richard Tremblay, Logistics Manager at Decathlon Canada. “We value the unique combination of speed, performance, and flexibility that allows us to provide leading service to our customers. We look forward to a long-term partnership with Exotec.”
Since closing its $90 million Series C fundraising round in the fall of 2020, Exotec has doubled its income and tripled its customer base. Other accomplishments include:
- Customer growth in North America: Exotec signed 8 new, large enterprise customers including Gap and Geodis and expanded its work with existing clients in new markets. Most recently the largest sporting retailer in the world, Decathlon, deployed the Skypod System in its Montreal fulfillment center following successful deployments in Europe.
- New technology to augment the flagship Skypod System: The company debuted its Skypicker technology, an articulated arm able to move 600 items per hour to support high-volume fulfillment and returns.
- Expanding global team: To date, Exotec employs more than 300 professionals around the world and aims to double its global headcount by 2023.
For more information about Exotec, the company’s Series D funding round, and the Skypod system please visit, www.exotec.com.
Exotec is a global robotics company, building scalable warehouse robotic solutions that power the world’s largest brands. The company offers flexible warehouse automation to improve operational efficiency and economics. Exotec’s signature solution, The Skypod system, utilizes robots that can reach a height of 36 feet to enable high-density inventory storage and retrieval. Exotec supports 30+ industry-leading brands spanning e-commerce, grocery, retail, manufacturing, and 3PL sectors. To date, Exotec has secured $477M in funding from industry-leading investors including Goldman Sachs, Bpifrance, 83North, Dell Technologies Capital, Iris Capital, 360 Capital Partners, and Breega.