Locus raises $50 million in Series C funding
The platform, which automates supply chain decisions, will use the funds to improve geographical reach
Locus has announced that it has raised $50 million in Series C funding led by GIC, Singapore’s sovereign wealth fund.
The company has been on an expansion spree in the Americas, and had earlier raised $30 million across multiple rounds.
Locus uses machine learning and proprietary algorithms to build supply chain solutions to customers.
Locus works with clients across North America, Southeast Asia, Europe, and the Indian subcontinent, and has offices in the USA, the UK, India, Singapore, Indonesia, Vietnam, and Germany.
"Quality and patient capital allows us to focus on path-breaking R&D, helping us deliver exceptional long-term value to our customers, over incremental improvements. We will be recruiting more PhDs in our data science team and are looking to double our patents by 2022," said Nishith Rastogi, CEO, Locus.
“We are now looking to support our customers with a global footprint. Other than the geographies we are already present in, we are also investing heavily in Latin America and aggressively building our presence there," added Rastogi.
The company claims their scalable solutions have resulted in $150 million+ savings in logistics costs, 70 million+ kilometre reductions in distance travelled, and 17 million+ kilograms reduction in GHG emissions for clients across sectors like e-commerce, retail, e-grocery, CPG/FMCG, home services, home deliveries, 3PL, transportation, and B2B distribution.