August 8, 2022
China’s Geek+, which develops autonomous mobile robot technologies, has announced it raised a new $100 million Series E1 funding round, with the company now valued at over $2 billion. Investors in the round include Intel Capital, Vertex Growth, and Qinguye Capital Investment. The company said it will use the latest funding to accelerate its global market expansion and invest in its AMR technology research and development for key product innovation.
In early 2021, Geek+ closed a previously undisclosed Series D funding round, led by CPI. In 2021, the company registered annual revenue of $150 million and more than $300 million in orders. During the first half of 2022, the company said its order volume doubled compared to the same period in 2021, and it expects to maintain its 100% year-on-year growth trajectory for the rest of 2022.
“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,” said Yong Zheng, founder and CEO of Geek+. “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,” Zheng continued. “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+ said it will continue to build upon its established business strategy by accelerating the pace of its global expansion to maintain growth momentum, while also strengthening R&D innovation to enhance product differentiation with smart, sustainable solutions.
“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.”
The company has a vast robotic product line, including full-solution capabilities for storage, picking and sorting in warehouses, as well as material-handling robots and unmanned forklifts in manufacturing environments. In the past year, 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 new technology platforms: Matrix, a robotic software and hardware technology platform; and a robot management system (RMS) capable of scheduling large-scale robot clusters. With its multiple product portfolios and global business network, Geek+ said it provides customers with comprehensive solutions and reliable operation and maintenance services, while using its scale effect with robot shipments to spur cost competitiveness.
“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,” said Zheng.
For more information on Geek+ and its offerings, visit its website here.