Dexory Ltd., a U.K.-based startup that builds ultra-tall robots to help warehouses efficiently inventory goods, announced Tuesday it has raised $80 million in new funding led by DTCP.
The Series B funding round, comprised of a mix of equity and growth debt, attracted participation from additional investors Latitude Ventures, Wave-X and Bootstrap Europe, along with existing investors Atomico, Lakestar Capnamic and several angels from the logistics industry. With this round, Dexory has raised a total of $120 million over the past three years, including a $19 million round led by Atomico in June 2023.
Dexory’s platform combines stock-scanning robots with warehouse analytics to provide accurate, real-time inventory visibility for clients so locations can identify what’s in stock at all times. The company developed autonomous robots that can extend their height up to 12 meters, or about 39 feet. According to the company, the technology built into the robots can scan more than 10,000 pallets an hour and manage 99.9% inventory accuracy.
This is coupled with a specialized inventory monitoring system called DexoryView that helps warehouses deal with issues such as a lack of tracking and logistics that might happen when an employee fails to scan an item when they take something off a shelf. The company says it uses a “digital twin” platform for analytics, where all the shelves and merchandise in the warehouse are given a virtual twin in the platform and tracked. Thus, when something is removed from the shelf and the robot doesn’t see it again, it can be identified as a discrepancy.
With that much information taken from scanning shelves and by understanding where merchandise is stored and moved throughout warehouses, the system also gathers important analytical data. DexoryView uses this data for artificial intelligence to help warehouse management optimize for visibility, identify bottlenecks, forecast demand, stock more quickly and handle capacity.
“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,” said co-founder and Chief Executive Andrei Danescu. “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.”
The global logistics automation market size was estimated at $34.6 billion, according to a report from market analysis firm Grand View Research, and is expected to reach $90 billion by 2030. Digital twin technology and robotics are expected to play a large part in that market, as are automation solutions such as autonomous vehicles and robotics technologies for smart warehouses.
Dexory’s platform has already been implemented in the warehouse distribution for companies such as GXO, Unipart and Yusen Logistics and in the manufacturing industry by GE Appliances and Denso. Logistics and supply chain management firm DB Shenker used the platform to increase inventory accuracy by 6% and maintain that metric daily within three months, the company said. ID Logistics SAS, a global provider of logistics services, partnered with Dexory to use DexoryView and stock-taking robots to reduce manual inventory investigations by 41% in just two months.