Geek+ Raises $100 Million
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.
In early 2021, Geek+ closed a previously undisclosed series D financing round led by CPE. In 2021, Geek+ registered annual revenue of $150 million and over $300 million 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.
Geek+ is the world's largest AMR Company, with over 10,000 robots deployed worldwide, 300 customers and projects in over 20 countries. Global customers include Fortune 500 companies in retail, apparel, ecommerce, manufacturing, automotive, pharmaceutical and 3PL. Geek+ has won the RBR50 innovation award for two consecutive years, in 2019 and 2020, which selects the world's top 50 robotics companies.
"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."