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Exotec raises $335 million in Series D funding for its warehouse robots

Exotec, a warehouse robotics startup, has raised $335 million in Series D funding, and is now valued at $2 billion.

The Growth Equity business within Goldman Sachs Asset Management led the round with follow-on investments from 83North and Dell Technologies Capital.

Exotec says it will use 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.

The pandemic illustrated how critical supply chain operations are to everyday, modern life as communities continue to feel the negative impacts of ongoing disruptions and breakdowns.

From inventory delays to port congestion, these compounding challenges are only anticipated to increase in frequency and severity. A recent report from Resilinc revealed that supply chain disruptions were up 67% year-over-year.

Romain Moulin, co-founder and CEO of Exotec, says: “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 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.”

Christian Resch, managing director in the growth equity business within Goldman Sachs Asset Management, says: “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.”

Richard Tremblay, logistics manager at Decathlon Canada, says: “Exotec warehouse robotics have transformed our logistics operations in multiple markets around the world, most recently in our Montreal fulfillment center.

“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.”

Exotec doubled its revenue and tripled its customer base since closing its $90M Series C funding round in the fall of 2020.

Exotec says its additional achievements 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.
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