Locus, a global AI backed supply chain optimization company has secured $22 Million in (Series B) funding by Falcon Edge Capital & Tiger Global Management.
Locus automates human decisions required to transport a package or a person, between any two points on earth, delivering gains along the axes of efficiency, consistency, and transparency in operations.
The company’s premier logistics optimization solutions include route optimization, real-time tracking of orders, insights and analytics, dynamic sales journey plans, and automated shipment sorting.
Locus is focussed on solving complex real-world logistics problems like increasing First Attempt Delivery Rate (FADR) for e-commerce companies, sales transformation for global CPG companies, and suggesting optimal fleet mix for 3PL companies.
Previous investors Exfinity Venture Partners and Blume Ventures also took part in this round.
DMCC Tradeflow Signs Blockchain MoU with TradeAssets
After demonstrating successful customer rollouts across sectors in India, the company began expanding to North America and Southeast Asia in 2018.
The new round of funding will help Locus penetrate deeper into the new markets by enhancing the product & solutions for each geography and also in expanding local teams.
Said Locus CEO, Nishith Rastogi: “Locus provides autonomous supply chain optimization thus minimizing the dependency on human intelligence, built by an incredible team of PhDs & Engineers.
“Product applications include clubbing of forward and reverse logistics in a single route plan, schedule & on-demand dispatch planning, and automatic escalation management.
“Locus is on an unprecedented path to automate every possible decision in the supply chain. 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,”
“We believe the trillion dollar global logistics market is ripe for disruption via technological change, particularly AI and machine learning driven solutions.
“With prolific anchor customers such as Blue Dart, the 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.
Said Navroz D. Udwadia, Co-Founder, Falcon Edge Capital: “We are excited to help Locus expand its breadth and depth of product and sales reach, moving from route optimization to a full-stack SaaS offering to the enterprise around its logistics needs.”
Read More: DP World Selects Infor Digital Supply Chain Network Platform