San Francisco [US], June 2 (ANI / PRNewswire): Locus, a future-ready platform that automates supply chain decisions, announced today that it has raised $ 50 million in C-Series funding led by GIC, the fund sovereign of Singapore, with the participation of Qualcomm Ventures LLC and existing investors Tiger Global and Falcon Edge.
Also participating in the round were angel investors Amrish Rau, CEO of Pine Labs, Kunal Shah, CEO of Cred, Raju Reddy, founder of Sierra Atlantic, and Deb Deep Sengupta, former MD president, SAP South Asia.
Locus will primarily use the funds to improve geographic reach and build its research and development team to expand the product line.
“Capital for quality patients allows us to focus on innovative R&D, which helps us deliver exceptional long-term value to our clients, as well as incremental improvements. We will recruit more doctors to our data science team and we want to double our patents in 2022 “. said Nishith Rastogi, CEO of Locus.
Locus uses in-depth machine learning and proprietary algorithms to deliver intelligent supply chain solutions to customers. The company’s scalable solutions have saved $ 150 million in logistics costs, a 70 million mile reduction in distance traveled, and a 17 million mile reduction in GHG emissions for customers in sectors such as e-commerce, retail, e-supermarket, CPG / FMCG, home services, home delivery, 3PL, transportation and B2B distribution.
Locus works with the best clients in North America, Southeast Asia, Europe and the Indian subcontinent. It has offices in the USA, UK, India, Singapore, Indonesia, Vietnam and Germany.
Locus has been expanding in the Americas, strengthening its leadership with industry veterans such as Walter Heil, Senior Vice President of Business (America) and Michael D. Parmett, Successful Vice President of Customer. Heil previously worked at Project44 and BluJay, while Parmett was part of 3GTMS and Manhattan Associates.
“Right now, I would like to thank all our customers for trusting us and being our partners in innovation. We are very pleased to know that we have added value to your supply chain and logistics operations. We are now “Looking to support our customers with a global footprint. Apart from the geographies in which we are already present, we are also investing heavily in Latin America and building our presence aggressively,” Rastogi added. “I would also like to thank the Locus team for the efforts they made on a day-to-day basis. I hope we can show our gratitude by creating substantial wealth for all their efforts.” “Locus’ smart product suite is optimizing supply chain efficiency. Through machine learning to provide real-time tracking and information for the completion of the last kilometer,” said Varsha Tagare , director of Qualcomm Technologies, Inc. and CEO of Qualcomm Ventures. “We are thrilled to invest in Locus to enable logistics as a service and support your journey to become a world leader in last mile automation.” The company had previously raised $ 30 million in several rounds.
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