Falcon Edge Capital and Tiger Global Management bet big on AI backed supply chain optimization company Locus
Media OutReach Selasa, 14 Mei 2019 05:41 WIB
Locus raises $22 Million in Series B Funding
Locus optimizes logistics operations for enterprises, across sectors, to improve efficiencies resulting in higher profitability, expanding its global footprint with the secured funding from Falcon Edge Capital and Tiger Global Management and others
NEW YORK - Media OutReach - May 14, 2019 - Locus (https://www.locus.sh/), a global AI backed supply chain optimization company has secured $22 Million in (Series B) funding by Falcon Edge Capital & Tiger Global Management. Previous investors Exfinity Venture Partners and Blume Ventures also took part in this round.
After demonstrating successful customer rollouts across sectors in India, the company began expanding to North America and Southeast Asia in 2018. The new round of funding will help Locus penetrate deeper into the new markets by enhancing the product & solutions for each geography and also in expanding local teams.
Locus automates human decisions required to transport a package or a person, between any two points on earth, delivering gains along the axes of efficiency, consistency, and transparency in operations. The company's premier logistics optimization solutions include route optimization, real-time tracking of orders, insights and analytics, dynamic sales journey plans, and automated shipment sorting. Locus is focussed on solving complex real-world logistics problems like increasing First Attempt Delivery Rate (FADR) for e-commerce companies, sales transformation for global CPG companies, and suggesting optimal fleet mix for 3PL companies.
"Locus provides autonomous supply chain optimization thus minimizing the dependency on human intelligence, built by an incredible team of PhDs & Engineers. Product applications include clubbing of forward and reverse logistics in a single route plan, schedule & on-demand dispatch planning, and automatic escalation management. 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," said Locus CEO, Nishith Rastogi.
"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. With prolific anchor customers such as Blue Dart, 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." said Navroz D. Udwadia, Co-Founder, Falcon Edge Capital.
Locus has established itself as an innovative leader in AI backed logistics solutions by tackling the industry's core supply chain challenges and operational complexities. One of the largest e-grocery players in India is using Locus to achieve 99.5% SLA adherence for its 10Mn+ customers. Locus currently serves 40+ clients globally saving logistics cost at scale, increasing productivity and profitability for enterprises across multiple segments, owning a peak of over 1 million orders processed in a day. Locus has offices in India, US and Indonesia and dedicated local teams for these regions.
Locus is an advanced supply chain optimization company that 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. Locus identifies new gaps in the logistics sector and fills them with AI-based decision-making solutions helping enterprises reduce logistics cost, enable on-time deliveries and provide a delightful end user experience. Founded by Nishith Rastogi and Geet Garg, the company comprises of engineers and data scientists from Carnegie Mellon University and Indian Institute of Technology. The company now has operations in the US, Indonesia, Singapore, India, and Australia. For more information on Locus, go to https://locus.sh/