Robotics solution startup, Exotec secured $90M in funding from 83North

Exotec, a France based robotics solution for logistics and creator of the Skypod 3D warehouse robots, has now secured $90 million in funding.

Exotec is founded by the Romain Moulin and Renaud Heitz in the year 2015. It provides robots that allow the retailers and merchants to augment their warehouse productivity and increase around five times their storage capacity. The autonomous robots can move in a unique three-dimensional pattern at a speed of 13 feet per second, creating an efficient picking and preparation process.

Romain Moulin, Co-founder, and CEO of Exotec, said, "There is a global need for robotics solutions in warehouses, but logisticians are often concerned about investing in traditional fixed automation in this fast-changing world. This $50 billion market should be supplied with flexible and efficient solutions to fulfill customers' needs and new shopping timelines. We offer a new generation of warehouse robotics and have the largest deployed and operational systems across three continents".

Rudi Lueg, Managing Director of North America at Exotec, said, "Brands and retailers are seeing tremendous surge in e-commerce, accelerated by the current pandemic. They must now transform their supply chain to gain competitive advantage. Exotec is addressing this challenge and is the leading player in scalable robotics systems".

The round was backed by the 83North with participation from the Dell technologies Capital – and supported by the historical investors, Breega and Iris Capital.

The company, as of now, has plans to use the new funds to further expand and deliver its fully adjustable robotics solution in the US, Asia, and Europe, notes the announcement.