The British Business Bank has joined the Series C round of warehouse intelligence and robotics group Dexory with an £8.5m investment.
The London-based firm, which develops fully autonomous warehouse products, announced a £123m Series C funding round in October last year that came just a year after its £60m Series B.
Dexory’s latest round was led by Eurazeo and was backed by TS Growth and Endeavor Catalyst, Atomico, DTCP, Latitude Ventures, Lakestar, Elaia, Wave-X and others.
The company has added the government owned development bank to its investor list as it continues to scale its services across Europe, North America and Asia-Pacific.
“The UK consistently produces companies with market-leading technology, which need greater domestic backing to scale globally,” said Leandros Kalisperas, chief investment officer at British Business Bank.
“The bank is stepping up to ensure companies like Dexory have the capital they need to innovate and expand here in the UK.
“We are working with fund managers to create deeper pools of capital and are increasing the scale of our co-investing activity, which directly increases the size of funding rounds for high-potential UK companies.”
Dexory has built a full stack business in which autonomous robots scan warehouses and feed data into an AI-powered digital twin platform to provide full operational visibility.
“We’re proud to have the support of the British Business Bank as we accelerate our expansion into global markets,” said Andrei Danescu, chief executive of Dexory.
“Our focus has always been on delivering tangible value through real-time visibility, powered by one of the industry’s largest and most dynamic operational datasets. This investment enables us to advance our technology and support more organisations in building smarter, more resilient supply chains.”