Geek+ closes US$100m financing round

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Autonomous mobile robot (AMR) developer Geek+ has closed its US$100m series E1 financing round and announced a company valuation of approximately US$2bn.

Investors in the round included with investment from Intel Capital, Vertex Growth and Qingyue Capital Investment. Geek+ plans to continue building upon its established business strategy by accelerating the pace of its expansion to maintain growth momentum, while also strengthening R&D to enhance product differentiation with smart, sustainable solutions.

In early 2021, Geek+ closed a previously undisclosed series D financing round led by CPE. In 2021, Geek+ registered annual revenue of US$150m and over US$300m in orders. In the first half of 2022, Geek+’s order volume doubled compared to the same period in 2021, and the company expects to maintain its 100% year-on-year growth trajectory for the remainder of 2022.

The company’s robotic product line includes full-solution capabilities for storage, picking, and sorting in warehouses, as well as material handling robots and unmanned forklifts for manufacturing. In 2021, Geek+ launched a new generation of its flagship goods-to-person solution, the all-in-one picking solution PopPick, as well as a combined AMR/four way-shuttle solution. Geek+ also recently established two technology platforms – Matrix, a robotic software and hardware technology platform, and a robot management system (RMS) capable of scheduling large-scale robot clusters.

Yong Zheng, founder and CEO of Geek+, said, “Thanks to the successful implementation of our global business strategy, the transformative value of our products, and the surge of the smart logistics market, Geek+ is well-positioned to further capture the outsized growth opportunities. Geek+ has passed the stage of simply pursuing scale and is now moving towards the stage of commercial success with profitability and positive cash flow.”

“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. Together with Intel, we will build upon our core robotics technologies and system capabilities, strengthening the technological foundation for future business development and long-term growth.”

Tianlin Wang, managing director at Intel Capital, said, “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. 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.”

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