Logistics startup Locus has secured $22 million in new funding, according to reports today (Monday, May 13).
The company said in a press release sent to PYMNTS that Falcon Edge Capital and Tiger Global Management led the Series B investment round, while previous backers Exfinity Venture Partners and Blume Ventures also participated.
Locus operates an artificial intelligence-powered supply chain optimization solution to streamline the shipment of packages. Its suite of services includes route optimization, real-time order tracking, analytics and automated shipment solutions, among others, all aimed at improving key aspects of logistics management – like first attempt delivery rate for eCommerce firms – or streamlining optimal fleet strategies for third-party logistics companies.
The firm holds a presence in India, but began its expansion throughout North America and Southeast Asia last year. The new funding will accelerate that global growth, the company said, and bolster its product offerings.
“Locus provides autonomous supply chain optimization, thus minimizing the dependency on human intelligence, built by an incredible team of PhDs and engineers,” said Locus CEO Nishith Rastogi in a statement. “Product applications include clubbing of forward and reverse logistics in a single route plan, schedule and on-demand dispatch planning, and automatic escalation management.
“Locus is on an unprecedented path to automate every possible decision in the supply chain,” Rastogi continued. “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.”
In another statement, Falcon Edge Capital Co-founder Navroz D. Udwadia said the company’s deployment of artificial intelligence and machine learning is a critical component of improving the global logistics and supply chain management market.
The firm’s “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,” Udwadia added.