Geek+ secures $150mn in Series B financing, the world’s largest for a logistics robotics firm
Beijing-based robotics firm Geek+ has secured the world’s largest Series B finance injection in logistics robotics, with the US$150mn investment having been led by Warburg Pincus
Geek+, founded in 2015 by CEO Yong Zheng, combines robotics, AI, cloud computing, big data, and IoT for its supply chain and logistics services. Its products and services include a cargo-to-man picking system, intelligent moving technology, intelligent sorting, and an autonomous forklift.
The firm’s ultimate aim is to empower businesses with the capacity for fully-automated warehouses and factories, maximising operational efficiency and cutting costs over time.
This $150mn boost to Geek+ will go towards increased investment and growth, according to the firm’s press release, with a focus on innovation, its global distribution network, and an improved customer service offering.
"The investment by Warburg Pincus and other shareholders fully demonstrates their recognition of Geek+'s development and their confidence in Geek+'s future prospects,” Zheng said in the firm’s statement.
“This year, we expect to grow our business by more than five times. This round of financing will further strengthen Geek+'s continued investments in innovative products and solutions, global distribution network, and customer service.
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“We will continue to be customer-centric, and create values for customers through a seamless integration of AI & Robotics technologies and customers' supply chain needs," he added.
Warburg Pincus’ Executive Director Jericho Zhang said:
“Since our first investment in Geek+ last year, we have been very impressed with Geek+'s rapid growth, especially in business expansion and internationalization.
“Technology is revolutionizing supply chain. Geek+ is one of the leading technology companies that is able to combine robotics, big data, AI and other cutting-edge technologies to solve the pain points of the traditional supply chain.”