In a recently conducted Series C funding round, Logitech startup Locus has raised $50 Mn from investors like GIC, Qualcomm Ventures LLC and existing investors Tiger Global and Falcon Edge. There were also some angel investors like CEO of Pine Labs, Amrish Rau; CEO of CRED, Kunal Shah; Founder of Sierra Atlantic, Raju Reddy; and, former President and MD, SAP South Asia, Deb Deep Sengupta.
Locus had raised $30 million from earlier rounds to date. These new funds will be used by the startup to increase their geographical reach, improve their research development team and expand their product line.
Locus was founded in 2015 by Nitiish Rastogi, and it uses Machine Learning and proprietary algorithms to offer chain solutions to customers. The startup has offices in the US, UK, Singapore, India, Indonesia, Vietnam and Germany.
CEO Nishith Rastogi said, “Quality and patient capital allows us to focus on the outstanding research and development, helping us deliver exceptional long-term value to our customers, with incremental improvements. We shall hire more PhDs in our data science team and will double our patents by 2022.”
Varsha Tagare, Sr. Director, Qualcomm Technologies, Inc., and MD at Qualcomm Ventures, said, “We’re excited to invest in Locus and support their process of becoming a global last-mile automation leader.”
It is also expanding across the US, hiring the likes of Walter Heil as Senior Vice President, Business; and Michael D. Parmett as Vice President, Customer Success to run the US business.
“We are trying to support our customers with a global footprint. Other than the places we already have our presence in, we are also investing and trying to establish ourselves in Latin America as well,” added Nishith.
Locus claims that it has $150 million as savings in logistics costs, have reduced distance travelled by 70 million+ kilometres, and reduced GHG emissions for clients across sectors by 17 million+ kilograms.