Venture Capital: Warehouse Robots Maker Geek+Raises $100M Series E1

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The round valued Geek+ at over $2 billion.

Geek+, a Beijing-based maker of robotics for storage, picking, and sorting in warehouses, as well as material handling robots and unmanned forklifts for manufacturing, announced a new, $100 million series E1 funding series which included investment by Intel Capital, Vertex Growth, and Qingyue Capital Investment. (CISION PR Newswire)

In its announcement, Geek+ also revealed it had raised a Series D round in early 2021 that was led by CPE. The amount of that raise was not disclosed.

The solid investor interest is well explained by its impressive growth record. While it clocked an annual revenue of $150 million and $300 million in orders for 2021, in the first half of 2022, its order volume doubled compared to the same period in 2021. The company said it expects to maintain its 100% year-on-year growth trajectory for the remainder of 2022.

Yong Zheng, founder and CEO said: “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.”

Geek+ has over 1500 employees, with offices in Germany, the United Kingdom, the United States, Japan, South Korea, Mainland China, Hong Kong SAR, and Singapore.

It will use the new funds to drive global expansion as well as invest in Autonomous Mobile Technology (AMR) research and development.

Related Story: FedEx To Buy 10% Of Robotic Solutions Provider Berkshire Grey

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