UK AI Company Secures $80 Million Funding to Redefine Warehousing and Logistics
October 8, 2024 | By the MHW Magazine Team
A UK-based AI and robotics company has secured $80 million in funding with plans to redefine the warehousing and logistics industry.
Dexory, a firm focused on robotics and data intelligence, announced it successfully completed an $80 million Series B round. The financing was led by DTCP, with participation from Latitude Ventures, Wave-X, Bootstrap Europe, existing investors Atomico, Lakestar, Capnamic, and several angel investors from the logistics sector.
The new equity and growth debt funding will support the expansion of AI capabilities on the DexoryView platform. The company also plans to expand its global team and accelerate deployment of autonomous robots to clients such as GXO, Maersk, DB Schenker. The focus remains on expanding into the US market where Dexory already has customers in seven states. The Series B funding will also enhance development and production facilities at the company’s UK headquarters.
With this round closed, Dexory has raised a total of $120 million over the past three years. Since launching its autonomous warehouse robots and software platform in logistics 18 months ago, the company has seen significant growth.
The global market for logistics automation is expected to grow at a Compound Annual Growth Rate (CAGR) of 15% by 2030, reaching approximately $90 billion. Additionally, the digital twin technology market value is projected to grow at a CAGR of 35.7%, with revenue forecasted to reach $155.83 billion by 2030.
Dexory’s product, DexoryView, provides comprehensive real-time visibility for warehouses of any size through its autonomous mobile robots and AI. By generating unique datasets from long-range sensors and image data, continuous scanning, and the latest advancements in AI, Dexory unlocks new levels of optimization and seamless efficiency.
“We are very excited about our achievements over the past 18 months,” said Andrei Danescu, CEO and co-founder of Dexory. “DexoryView has proven to be unparalleled technology for driving real digital transformation and delivering better business outcomes. In warehousing and supply chain industries, AI is clearly a key focus for business leaders. With the quality of data we extract and the powerful operational insights generated, DexoryView will bring commercial success to our customers and investors.”
Dexory’s platform has made significant impacts at leading distribution companies such as GXO, Unipart, Yusen Logistics, and manufacturing firms like GE Appliances and Denso. By providing 360-degree visibility of warehouse operations, DexoryView enhances inventory management and operational decision-making capabilities. The platform can quickly execute warehouse scans and create digital twin models of the warehouse space, enabling performance optimization and future scenario simulations.
Organizations such as DB Schenker have seen a 6% improvement in stock accuracy maintained daily, while companies like ID Logistics reduced manual inventory audits by 41% within two months, freeing up valuable time for other critical tasks.
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