Beijing-based Geek+, a logistics and warehousing robotics developer, has grabbed $100 million in a Series E1 funding round. With this round, the company reaches a valuation of $2 billion. The investment came from Intel Capital, Vertex Growth (which backed oHouse) and Qingyue Capital Investment.
Geek+ will use the investment to accelerate its global market expansion and invest in its AMR technology research and development for key product innovation. Furthermore, the company will continue to build upon its established business strategy and will focus on enhancing product differentiation with smart, sustainable solutions.
Yong Zheng, founder and CEO of Geek+ said, “We are confident in our commercial success and future growth trajectory. The labor-intensive logistics sector has a strong demand for robotic automation, and the market is still largely underserved. With the first-mover advantage, Geek+ has already developed a solid competitive advantage in global markets, bringing in a constant driving force for business development. This, coupled with our three technology pillars of robotics, systems, and algorithms, has not only allowed Geek+ to develop a full product line, but also improve R&D efficiency while reducing R&D costs.”
“As the leader in the global autonomous mobile robots industry, Geek+ has developed in-depth technological cooperation with Intel and is one of Intel’s benchmark partners in the field of robotics and robot-based solutions,” said Tianlin Wang, Managing Director at Intel Capital. “Through this investment, we will deepen the relationship between our two companies and work together to create solutions that combine cloud, edge, and autonomous mobile robot technologies to drive global smart logistics innovation and infrastructure modernization.”
Warehouse and logistics robotic developer
Geek+ was founded by Hongbo LI, Kai Liu, Xi Chen, and Yong Zheng in 2015 in Beijing. It is touted to have delivered the largest number of logistics robots among its peers in China. Its portfolio includes capabilities for storage, picking, and sorting in warehouses, as well as material handling robots and unmanned forklifts for manufacturing.
Its full range of logistics robots cover all robotics categories and scenarios in both warehousing and factory environments. The company uses artificial intelligence and advanced robotics technologies to create efficient, flexible, and reliable logistics robot solutions that help businesses improve efficiency and realise intelligent and flexible transformation of their supply chain.
Last year, Geek+ launched a new generation of its flagship goods-to-person solution, all-in-one picking solution, PopPick, as well as a combined AMR/four way-shuttle solution. Recently, it established two new technology platforms – Matrix, a robotic software and hardware technology platform; and a robot management system (RMS) capable of scheduling large-scale robot clusters.
The company’s customers include e-commerce platforms, third-party logistics providers, express delivery companies, offline retailers and manufacturers of apparels, pharmaceuticals, automobiles and electronics products. Geek+ has also established strategic partnerships with a number of key customers to co-develop customised AI and robotic solutions across different industries and applications.