French AI robotics startup Exotec Solutions has secured 15 million euros in Series B funding. Iris Capital led the round with participation from 360 Capital Partners and Breega.
Lille/Paris, France – June 12, 2018 – Exotec Solutions, a leading French AI robotics start-up bringing top logistics performance to ecommerce, today announced a €15 million Series B investment led by the European VC Iris Capital, alongside a significant reinvestment from historical investors 360 Capital Partners and Breega.
The fundraising will help the team grow and deliver 1000 new robots by 2019. Relying on a team of highly qualified R&D professionals based in France, the company has already delivered high scale infrastructures and 3D mobile robots to e-commerce and retail specialists. As the system can be used both in traditional and grocery ecommerce it can significantly improve the order processing speed in any warehouse.
Exotec now faces a strong demand from the market. Among the company’s early customers, Cdiscount, leading French ecommerce vendor, has thus decided to considerably extend its usage of the solution.
Made in France from European high-tech components, the Skypod sets a new standard by moving 4 times faster and 5 times higher compared to traditional shelf-mover robots. It can handle twice the number of picks per hour and save warehouse workers up to 15 km walk per day, helping them manage the workload from stations where the robots deliver the requested items.
“We are really proud to represent the French Tech and French Fab at a high level. The ecommerce massive growth represents an infinitive possibility for us to expand and our investors support will help us spread internationally while developing an ambitious product roadmap,” says Romain Moulin, CEO and cofounder of Exotec solutions.
“Our intensive use of AI and mathematics allow our product to be purely agile and adaptable to any type of client’s needs. We can grow together and if they face a 15% rise of orders we can easily add 15% robots to their existing system,” adds Renaud Heitz, CTO and cofounder of Exotec Solutions
“In 2023 the logistics industry is expected to weight over €10 trillion globally, counting especially on the e-commerce fast growth. While retailers and platforms are expected to always deliver more and faster to customers, smart robots are now necessary to support warehouse workers. In just three years, Exotec Solutions has grown into an amazing company that literally revolutionizes logistics in ecommerce and retail. We have been highly impressed by Romain and Renaud’s vision and execution and by the potential addressed by Exotec. We are very proud to fuel such a team and their expansion,” says Julien-David Nitlech, Partner at Iris Capital.
“We have been consistently impressed by Exotec’s ability to execute their roadmap since our first investment in 2016, and we are pleased to be joined in this venture by such an experienced Investor as Iris Capital”, says François Collet, Partner at 360 Capital Partners
“Exotec Solutions has consistently over-delivered on everything they told us when we first invested in 2016, and I am very happy to be able to continue to support their growth alongside Iris Capital and 360 Capital Partners”, adds François Paulus, Managing Partner at Breega Capital.
Founded in 2015 by Romain Moulin and Renaud Heitz, who started their career as industrial logistics and robotic experts, Exotec Solutions is a world class start-up specialized in robotics solutions for retailers and industries. The start-up has designed the Skypod system, a highly scalable infrastructure and its robots dedicated to professionals with key logistics management problematics, such as retailers and factories.
The Skypod system is the first order preparation system in the world to use 3D mobile robots. Moving in 3 dimensions, the robots transfer goods in the warehouse to team members who can focus on packing and shipping the products to customers rather than walk long distance to sky ceiling racks. Laser scanner navigation and AI allow the robots to navigate in the warehouse carrying 30+ kg bins.
About Exotec Solutions
Founded in 2015 by former GE Healthcare robotics architect Romain Moulin, and former GE Healthcare software architect Renaud Heitz, Exotec Solutions offers cutting edge mobility technologies. Exotec’s technologies have been validated with success in some of the most demanding industries such as the medical sector. They bring agility and flexibility to the booming logistics industry. www.exotecsolutions.com
About Iris Capital
Iris Capital is a European venture capital funds’ manager specialized in the digital economy. It fuels entrepreneurs at various stages of maturity, from early-stage to growth equity. With its deep sector specialization and extensive experience acquired over 30+ years, as well as the backing of its corporate sponsors, Iris Capital provides active support to its portfolio companies, through its presence in Paris, Berlin, San Francisco, Tel Aviv, Tokyo and Dubai.
IrisNext, Iris Capital’s new fund, includes for its first closing industry leaders such as Orange, Publicis and Valeo, joined by financial investors and institutions such as Bpifrance and BRED Banque Populaire. Iris Capital investments include, among others, companies such as Adomik, Careem, Happy Car, Kyriba, MisterAuto, Mojio, Netatmo, Scality, Shift Technology, Talend and Unu Motors.
For more information, visit www.iriscapital.com
About 360 Capital Partners
360 Capital Partners is an early stage Venture Capital firm investing in disruptive deep-tech & digital innovations across Europe. The firm has a 20-year track record in supporting talented technology entrepreneurs achieve their ambition of creating game-changing enterprises. 360 Capital is led by a diverse, and experienced group of professionals across Paris & Milan with over €300M of assets under management and an active portfolio of over 50 companies, including Navya, Prophesee, Alsid, Tiller Systems, Cubyn, Le Slip Français and Bergamotte.
About Breega Capital Breega is a European venture capital fund designed to finance startups in the digital economy. The fund, comprised of experienced investors with entrepreneurial experience, exercises an approach to financing that includes providing on-the-ground support to its startups by an in-house team of specialists focused on providing sectorial and operational expertise. Leading the way in transforming the modern VC, Breega invests in Seed and Series A rounds, up to 10M€.