Locus Raises $ 50 Million in Series C Funding Led by GIC with Participation from Qualcomm Ventures and Existing Investors
– Locus will use the funds to focus on innovation, geographic expansion and team scaling
SAN FRANCISCO, June 2, 2021 / PRNewswire / – Locus, a future-ready platform that automates supply chain decisions, today announced it has increased $ 50 million in Series C financing led by GIC, that of Singapore sovereign wealth fund, with participation from Qualcomm Ventures LLC and existing investors Tiger Global and Falcon Edge. Reputable Angel Investors Amrish rau, CEO of Pine Labs, Kunal Shah, CEO of Cred, Raju reddy, founder of Sierra Atlantic, and Deb Deep Sengupta, former president and CEO of SAP South Asia, also participated in the round.
Locus will primarily use the funds to improve its geographic reach and strengthen its research and development team to expand the product line.
“Quality and patient capital allow us to focus on groundbreaking R&D, helping us deliver exceptional long-term value to our customers, rather than incremental improvements. We will recruit more PhDs to our data science team and look to double our patents by 2022, “mentioned Nishith Rastogi, CEO, Locus.
Locus uses deep machine learning and proprietary algorithms to deliver intelligent supply chain solutions to customers. The company’s scalable solutions have resulted in more than $ 150 million in savings in logistics costs, 70 million kilometers of reduced distance traveled and 17 million kilograms of GHG emission reductions for clients in industries such as e-commerce, retail, online grocery, CPG / FMCG, home services, home deliveries, 3PL, B2B transportation and distribution.
Locus works with the best clients through North America, South East Asia, Europe, and the Indian subcontinent. It has offices in the United States, Great Britain, India, Singapore, Indonesia, Vietnam, and Germany.
Locus has seen a wave of expansion in the Americas, strengthening its leadership with industry veterans such as Walter Heil, Senior Vice-President, Business (Americas), and Michael D. Parmett, Vice-President, Customer Success. Heil previously worked at Project44 and BluJay, while Parmett was with 3GTMS and Manhattan Associates.
“At this point, I would like to thank all our customers for trusting us and being our partners in innovation. It gives us great pleasure to know that we have added value to your supply chain and logistics operations. We are now We seek to support our clients with a global footprint. In addition to the geographic areas in which we are already present, we are also investing heavily in Latin America and aggressively strengthen our presence there, ”added Rastogi. “I would also like to thank the Locus team for their efforts day after day. I hope we can show our gratitude by creating substantial wealth for all of their efforts. ”
“Locus’ smart product suite optimizes supply chain efficiency by using machine learning to provide real-time tracking and insight for last mile execution,” said Varsha tagare, Senior Director of Qualcomm Technologies, Inc. and Managing Director of Qualcomm Ventures. “We are excited to invest in Locus to enable Logistics as a Service and support their journey to become a global leader in last mile automation. “
The company had previously raised $ 30 million over several turns.
Locus is a technology platform that uses machine learning and proprietary algorithms to automate complex supply chain decisions. Its intelligent supply chain solutions provide end-to-end visibility and enable businesses to improve operational efficiency by controlling costs, streamlining the customer experience and reducing environmental impact.
Locus’ scalable solutions include route optimization, real-time tracking and analysis, sales optimization, territory planning, vehicle allocation and network design. Our future-ready platform has delivered more than $ 150 million in logistics cost savings, 70 million kilometers of reduced distance traveled and 17 million kilograms of GHG emission reductions at clients like Nestlé, Mondelez, Unilever, BigBasket, Bluedart, Bukalapak, The Tata Group, and many more.
The company ensures deliveries through North America, Europe, South East Asia, Middle East, ANZ and the Indian subcontinent. Visit www.locus.sh to find out more or follow us on LinkedIn!
GIC is a leading global investment firm established in 1981 to manage that of Singapore foreign exchange reserves and secure that of Singapore financial future. A disciplined investor focused on long-term value, GIC is uniquely positioned to invest in a wide range of asset classes including real estate, private equity, equities and fixed income. GIC has investments in over 40 countries and has been investing in emerging markets for over two decades. Based at Singapore, GIC employs more than 1,700 people in 10 offices in major financial cities around the world.
For more information on GIC, please visit www.gic.com.sg or follow us on LinkedIn.
About Qualcomm Ventures:
Qualcomm Ventures, acting through Qualcomm Ventures LLC or its affiliated entities, has made strategic investments in technology companies that have the potential to radically transform our world since 2000. As a global investor, we seek to help entrepreneurs to create revolutionary companies that are reshaping the world around us. For more information, please visit: www.qualcommventures.com.
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