Exotec

For many years, logistics and fulfillment have been one of the key problems faced by retailers and e-commerce players. The expectation for accurate orders in real-time, agility and scaling capabilities is only increasing as the industry adapts quicker deliveries and higher customer expectations. Founded in 2015 in Croix, France by Romain Moulin and Renaud Heitz, Exotec is a leader in agile, 3D warehouse automation using robotics plus software to change the way goods move in fulfillment centers. The firm’s innovative, proprietary Skypod® system consists of autonomous robots that navigate in 3 dimensions to pick inventory bins from storage racks that, on average, exceed 14 metres in height and speedy returns to the operators. Exotec's Skypod system is executed and orchestrated using a warehouse execution system called Deepsky®, which prioritizes time-sensitive orders and optimizes throughput in real-time. Another major innovation is their Skypicker robotic arm that can handle 600 items per hour, which can lessen the reliance on human picking.

Exotec earns ongoing revenue through the sale and implementation of its Skypod systems - as well as associated software, Deepsky and continuing after-sales support. The firm will charge each customer based on their needs for example the number of robots, the number of storage racks, the number of picking stations and number of software modules required. The ongoing sales options the company has along with the sale of their systems, includes after-sale maintenance contracts, software fees, and upgrades from time to time to keep the systems current. This combination of income from large installations coupled with the ongoing service income allows the firm to grow and secure long term relationships with customer income.

Exotec's growth has been fueled primarily by a series of investment rounds based on funding type. The company raised €1.6 million in early seed funding and €3.3 million in Series A funding, led by 360 Capital and Breega. Series B provided investors with an additional $17.7 million in cash,  with  the backing of Iris Capital. Series C was a $90 million round led by Dell Technologies Capital and still featuring Breega, Iris and another investor, 83North. The company’s most notable funding came in January 2022 when Goldman Sachs Asset Management, along with Bpifrance's Large Ventures investment fund and 83North led the firm’s $335 million Series D funding round. In this instance, Exotec was valued at $2 billion following this investment, an impressive feat for any start-up—let alone a start-up company in industrial vehicle manufacturing—due to the coveted unicorn status it received. In addition, and possibly not unrelated to investor confidence, the firm’s revenues climbed in leaps and bounds from €157 million in 2022 to €285 million in 2023, and to €288 million in 2024. In addition, as of 2024 Exotec had surpassed $1 billion in sold systems and is regarded as one of the fastest growing companies in Materials Handling. While the company hasn't disclosed profits for the general public, it still spends heavily on R&D (approximately 10% of annual revenue) to continue to have a tech edge in its space.

Exotec’s workforce and operational footprint have grown remarkably. In 2022, the company celebrated the production of the 4000th Skypod robot and grew to about 550 employees globally, adding more than 300 employees in one calendar year. By 2025 mid-year, the headcount exceeded 1,000 globally, with 600 employees in France, and over 200 employees globally. The firm has offices or demonstrator centers in France, Germany, USA, Japan, South Korea, and Austria; and as of mid-year 2023, there were over 135 Skypod systems in operation in over twelve countries, including some well-known brands such as Uniqlo, Decathlon, Carrefour, Gap, and Cdiscount. North America, where the company’s US headquarters were established in Atlanta in 2022, is anticipated to be more than one-third of the global business by 2025; in addition to growing in Europe, where Exotec has opened in Austria and has secured strategic agreements with partners in the Netherlands, Poland, and the UK; and growing in the Asia-Pacific region with client operations in Japan and South Korea.

Exotec operates in one of the most competitive markets in warehouse automation with competitors including AutoStore, Symbotic, Amazon Robotics, Attabotics, Locus Robotics, Honeywell Intelligrated and Berkshire Grey. Despite providing similar goods-to-person systems or storage systems, many competitors operate clear-cut models, while the firm boasts their high-density 3D mobility and very quick deployments as well as the ability to integrate into current warehouse infrastructure without heavy retrofitting. Given the emphasis on providing flexible, modular systems with service then a place for themselves as a preferred partner for global brands looking to modernize their logistics.

With significant funding, increasing revenue performance, a growing global team, and software combined with robotics, Exotec is likely to evolve the logistics landscape as we know it for years to come. Their mix of robotics and automation, individual client solutions, and market expansion into several continents has established them as one of the fastest-moving warehouse robotics companies today. Globally, increasing demand for quicker and more resilient fulfillment led by faster movement than you have ever seen, Exotec's innovative strategies are raising the bar on the potential of the modern, ever-evolving warehouse.

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