Locus raises $22 million in Series B Funding from Falcon Edge, Tiger Global, others
13 May 2019, India:
Supply chain optimization firm Locus has raised $22 million in Series B round of funding. The funding round was led by Falcon Edge Capital and Tiger Global.
Existing investors Exfinity Venture Partners and Blume Ventures also participated in the funding round.
The company will use the fresh capital to penetrate deeper into the new markets by enhancing the product & solutions for each geography and also in expanding local teams.
Nishith Rastogi, CEO, Locus, said, “Locus provides autonomous supply chain optimization, thus minimizing the dependency on human intelligence, built by an incredible team of PhDs and Engineers. Product applications include clubbing of forward and reverse logistics in a single route plan, schedule and on-demand dispatch planning, and automatic escalation management.”
Nishith Rastogi, added, “Locus is on an unprecedented path to automate every possible decision in the supply chain. The funding will act as a boost to our global expansion efforts as we amplify our team size specifically in North America and continue to build our IP.”
Navroz D. Udwadia, Co-Founder, Falcon Edge Capital, said, “We believe the trillion-dollar global logistics market is ripe for disruption via technological change, particularly AI and machine learning-driven solutions. We are excited to lead a Series B round in Locus, a company that deploys AI/ML/deep tech to drive route optimization outcomes in global logistics markets.”
Navroz D. Udwadia, added, “With Blue Dart and other prolific anchor customers, the team has demonstrated the ability to build and deliver cutting-edge technology and algorithmic-driven outcomes that provide attributable ROI to the enterprise at scale. We are excited to help Locus expand its breadth and depth of product and sales reach, moving from route optimization to a full-stack SaaS offering to the enterprise around its logistics needs.”
Locus is an advanced supply chain optimization company. The company uses proprietary algorithms and deep learning to provide route optimization, real-time tracking, insights and analytics, dynamic sales journey plans, efficient warehouse management and vehicle allocation & utilization.
(Image – Locus)
Source: Techstory
