Exotec raises $90 million to bring robotics and automation to more warehouses
French robotics startup Exotec has raised $90 million in a round of funding led by London-based VC firm 83North.
Founded out of Lille in 2015, Exotec develops autonomous industrial robots called Skypods that can move horizontally and vertically, and travel at speeds of up to 9mph. The robots constitute part of a “goods-to-person” picking system designed to improve productivity and reduce strain and physical exertion in human warehouse workers.
Ecommerce has boomed in 2020 due in large part to COVID-19, with online merchants seeing a 42% year-on-year increase in sales last month in the U.S. alone data suggests that the global pandemic has led to an extra $107 billion in online sales since March. This surge in demand is good news for companies such as Exotec, which specialize in equipping large warehouses with the tools to pick and pack orders at scale.
