London-based Dexory, a company that claims to pave the way for artificial intelligence and robotics to transform logistics, announced on Tuesday that it has secured $19M (approximately €17.35M) in a Series A round of funding.
The round was led by European VC firm Atomico, with participation from existing investors Lakestar, Kindred, Capnamic, and Maersk Growth, the investment arm of the global logistics and container shipping company, Maersk.
As part of the deal, Atomico’s Partner Ben Blume will join Dexory’s board of directors.
What does Dexory offer?
Founded in 2015 by Andrei Danescu, Oana Andreea Jinga and Adrian Negoita, Dexory addresses the need for improved space utilisation and higher productivity in warehouses globally.
It does that by combining analytics with autonomous robots that can collect rich image and sensor data from all across a warehouse.
Dexory’s platform, DexoryView, offers insight across warehouses of any size and connects facilities throughout the global supply chain. It can do a full warehouse scan in a couple of hours, 100x quicker than people, providing clients with an instant image of the central hub in their supply chain.
Customers can benefit from increased inventory visibility with DexoryView’s dashboard recording specific locations of products, enabling rapid identification and placement of things, precise information on stock levels and locations, and improved warehouse decision-making.
Additionally, customers can also use DexoryView as a “digital twin” duplicate of their warehouse to monitor and maximise warehouse operations while enabling the programme to simulate, improve, and forecast future events.
Global supply networks
According to Dexory, the Covid-19 outbreak, the ecommerce boom, and the conflict in Ukraine have all combined to upset global supply networks in ways that have never been seen before.
Warehouses, the “core” of the supply chain where goods are stored, sorted, and distributed, have been particularly affected by this despite the fact that the foundational systems that support cross-border production and trade have many interconnected moving parts.
These systems include procurement, manufacturing, packaging, shipping, energy, tracking, and distribution.
Co-founder Andrei Danescu says, “For those operating warehouses, ensuring 100 per cent fulfilment ‘in time, all the time’ is crucial to meeting the demands of the modern consumer. A critical component to achieving this is high stock accuracy, but staff shortages, manual processes, and the speed demanded by customers mean that critical decisions across the supply chain are currently being taken blindly.”
“Technology that is autonomous, real-time, intuitive, and integrated can have a transformative effect on the everyday efficiency, productivity, and accuracy of a warehouse – and form an integral part of revamping businesses’ supply chain strategies,” adds Danescu.
Dexory is already integrated into top distribution firms like Maersk and Menzies Aviation.
Capital utilisation
Dexory says it will use the funds for international expansion in the US, and Central and Northern Europe. The company aims to double its workforce by the end of the year to support unit deployment functions and increased production.
Additionally, the money will also be used to speed up the manufacture of autonomous robots at Dexory’s factory in the UK and to continue expanding the company’s forecasting and simulation technology.