Locus raised $50 million (Rs 365.4 crores) in a Series C funding round led by Singapore sovereign wealth fund GIC as it looks to improve its geographical reach and build its research and development team.
The funding round saw participation from Qualcomm Ventures and existing investors Tiger Global Management and Falcon Edge Capital, Locus said in a statement. Angel investors Amrish Rau, chief executive of Pine Labs, Kunal Shah, chief executive of Cred, Raju Reddy, founder of Sierra Atlantic, and Deb Deep Sengupta, former president, and managing director of SAP South Asia, also pooled in cash in this round.
“Quality and patient capital allow us to focus on path-breaking R&D, helping us deliver exceptional long-term value to our customers, over incremental improvements. We will be recruiting more PhDs in our data science team and are looking to double our patents by 2022,” said Nishith Rastogi, CEO of Locus
Locus, which is operated by Mara Labs Inc. has been looking to expand its operations in the Americas for quite some time. It had raised $22 million in its Series B round of funding in 2019 to expand into North America and Southeast Asia and to revamp its local teams.