This news comes on the heels of its Series D round. It plans to use the fund to enhance its technology and drive geographical expansion. Here are the top-line bullets you need to know.
Exotec, a developer of autonomous industrial robots, has raised $335M in a Series D. The round drew participation from Bpifrance, Dell Technologies Capital, and GS Growth, among others.
HOW’S THE COMPANY PERFORMING?
- France-based Exotec provides software and hardware to warehouse operators in order to support high-density inventory storage and retrieval across the e-commerce, retail, grocery, and manufacturing sectors.
- Exotec generated $118.9M in revenue in 2021 — up from $22.7M in 2019. The company expects to double its revenue year-over-year in 2022.
- The company’s customer base has tripled since September 2020 and currently includes over 30 global brands, such as Decathlon, Gap, Uniqlo, and Geodis.
- The startup is supported by a team of over 300 employees, and it plans to double its headcount by 2023.
- The company maintains offices in France, the US, Germany, and Japan.
Source: Exotec
WHY DOES THE MARKET MATTER?
- The global warehouse robotics market is expected to reach a value of $9.1B by 2026, growing at a CAGR of 14%, according to Markets and Markets.
- Forty-five percent of all manufacturing tasks are expected to be performed by robots by 2025, according to Bank of America research.
- Rising e-commerce order volumes and the advancement of sensor technologies are expected to drive the market’s growth.
- The demand for warehouse robotics and automation has increased amid pandemic-related staffing shortages and supply chain disruption.
