Dexory Tuesday announced it closed an $80 million Series B funding round. The robotics and data intelligence company said the funding will support an expansion of its AI-powered features across its DexoryView platform.
The Central London-based company also plans to grow its global team and accelerate the deployment of its autonomous robots. Its technology is already at work with customers like GXO, Maersk, DB Schenker, and more. The company will also continue focusing on expanding across the U.S. market, where Dexory already has customers in seven states. Finally, Dexory will leverage the Series B funding to enhance development and production facilities at its U.K. headquarters.
“We are incredibly excited about the momentum we’ve built over the past 18 months,” said Andrei Danescu, CEO and co-founder of Dexory. “DexoryView is proving to be an unrivaled technology for driving real digital transformation and delivering better business outcomes in the warehousing and supply chain industries. AI is clearly at the forefront of business leaders’ minds. With the quality of the data we are extracting and the powerful insights into operations that we generate, DexoryView will deliver commercial success for our customers and investors alike.”
DTCP led the round, which also included participation from Latitude Ventures, Wave-X, and Bootstrap Europe, along with existing investors Atomico, Lakestar, Capnamic, and several angels from the logistics industry. As part of this investment, DTCP’s Michael Rager joins Dexory’s board of directors. The funding was made up of a mix of equity and growth debt.
Dexory has grown rapidly since its launch
With the close of the round, Dexory has now raised $120 million over the past three years. Since the company launched its autonomous warehouse robots and software platform for the logistics space only 18 months ago, it said it has seen incredible growth.
“We are very impressed by the progress Dexory has made in transforming warehouse operations with its cutting-edge technology,” said Michael Rager, partner of Growth Equity at DTCP and board member at Dexory. “The company is perfectly positioned at the intersection of our investment thesis on digitization and automation. Its ability to capture detailed, actionable data from physical spaces and integrate it seamlessly into the supply chain is impressive.”
The company’s product, DexoryView, provides comprehensive real-time visibility across warehouses of any size through its autonomous mobile robots and AI. Dexory leverages unique data sets generated from far-reaching sensor and image data, continuous scanning, and the latest AI developments in its technology. These features allow Dexory to unlock new levels of optimization and seamless efficiency, it said. With this technology, the company said it directly addresses the logistics market’s urgent need to maximize operating efficiencies across national and global networks.
Dexory’s progress with its customers
Dexory’s platform is already making a significant impact in leading distribution companies such as GXO, Unipart, and Yusen Logistics. It’s also made headway with manufacturing players such as GE Appliances and Denso.
By providing 360-degree visibility into warehouse operations, DexoryView enhances inventory management and operational decision-making. The platform’s capability to perform rapid warehouse scans and create digital twins of warehouse spaces allows for optimized performance and future scenario simulations.
Organizations such as DB Schenker have been able to increase their inventory accuracy by 6% and maintain it daily, Dexory said. Whereas businesses like ID Logistics have been able to reduce manual inventory investigations by 41% in just two months. This allows the company to free up valuable time for other critical tasks.