In a nutshell
- UK-based robotics startup Dexory, with Romanian founders at its helm, announced the successful completion of an $80M (€72.29) Series B round.
- The round was led by DTCP, with 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 company plans to enhance its expansion into the US.
Autonomous robots and AI to transform warehouse management with real-time data
Dexory builds autonomous robots and AI for warehouses, capturing real-time data to streamline inventory management. The company is a UK-based key player founded by 3 Romanians in 2015.
By leveraging autonomous technology to unlock data and drive insights through all levels of business operations, the startup aims to help companies boost their performance. Dexory has collaborated with clients like DB Schenker, Maersk, Menzies Aviation, IB Cargo, and others.
Last year, they introduced the DexoryView solution, combining robotics, digital twin and AI technologies to understand, analyze and operate end-to-end warehouse operations. In 2023, the company also secured their Series A round $19M Series A funding led by leading European VC firm Atomico, with participation from existing investors Lakestar, Kindred, Capnamic, and Maersk Growth.
“We were lucky to have momentum after the seed and Series A,” shared Oana Jinga, co-founder and chief commercial and product officer, previously for The Recursive.
“As soon as we’re done with that, we start thinking about how to structure ourselves for the series B, who we want, and what we need to hit. Series B is a different beast, and hitting significant numbers is crucial,” she added back in December.
Series B to fuel US expansion, raising $120M in total over three years
A little more than a year later, Dexory announced the successful closing of its $80M Series B round. The round was led by DTCP, with additional backing from Latitude Ventures, Wave-X, Bootstrap Europe, and existing investors like Atomico, Lakestar, Capnamic, and logistics industry angels. The round was made up of a mix of equity and growth debt. With this close, Dexory has now raised $120M over the past three years.
Moreover, DTCP’s Michael Rager will join Dexory’s board of directors assisting the company achieve their upcoming plans for expansion.
The company remains focused on expanding in the US, where it already operates in seven states. The Series B funding will also support the development and production facilities at Dexory’s UK headquarters.
Founder and CEO Andrei Danescu added he expects activity in the country to overtake Europe in terms of revenue in the next 12-18 months, reported Sifted.
“From a product perspective, we’re focusing on using AI, machine learning, and computer vision to extract more from the data we collect and help optimize warehouse operations,” said Jinga.
