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Locus, a global Artificial Intelligence backed supply chain optimization company has now raised $22 Million in the funding round of Series B by the Tiger Global Management and Falcon Edge Capital. Some of the previous investors include the Blume Ventures and Exfinity Venture Partners also participated in the round.
After showing the successful customer rollouts across the different sectors in India, the company also began expanding to Southeast Asia and North America in the year 2018. The new round of funding will also go to help the company to penetrate deeper into some of the new markets by enhancing the products and solutions for each geography and also in expanding local teams.
Locus automates the human decisions required to transport a package, between any of the two points on earth, delivering the gains along the axes of consistency, transparency, and efficiency in operations. The company premier logistics optimizations solutions include the real-time tracking of orders, sales journey plans, automated shipment sorting, route optimization, and insights and analytics. Locus is much more focused on the solving complex real-world logistics issues like the sales transformation for the global CPG companies, suggesting optimal fleet mix for the 3PL companies, increasing the first attempt delivery rate for the e-commerce companies.
“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,” said Locus CEO, Nishith Rastogi.