The E1 funding round was led by Intel Capital, Vertex Growth, and Qingyue Capital Investment
Geek+ provides autonomous mobile robot technologies. (Credit: Geekplus Technology Co., Ltd.)
China-based Geek+ has raised $100m in Series E1 funding for its autonomous mobile robot (AMR) technologies, while taking its valuation to more than $2bn.
The funding round was led by Intel Capital, Qingyue Capital Investment, and Vertex Growth.
According to Geek+, the proceeds will be utilised for fast tracking its global market expansion. Besides, it will allow the company to invest in the research and development of AMR technology for key product innovation.
Established in 2015, Geek+ is said to apply advanced robotics and artificial intelligence (AI) technologies to help warehouses and supply chain management.
The company provides robotic capabilities for storage, picking, and sorting in warehouses. Its products also include material handling robots and unmanned forklifts for the manufacturing industry.
Intel Capital managing director Tianlin Wang 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 modernisation.”
Geek+ raised an undisclosed amount in early 2021 in a Series D financing round led by CPE. Its annual revenue in 2021 was $150m, driven by orders worth over $300m.
The autonomous mobile robot technologies provider has offices in Mainland China, Germany, the UK, the US, Japan, South Korea, Hong Kong, and Singapore. It has a workforce of more than 1,500 people.
Recently, the company launched two new technology platforms called Matrix and robot management system (RMS). Matrix is a robotic software and hardware technology platform, while RMS is designed to schedule large-scale robot clusters.
Geek+ founder and CEO Yong Zheng said: “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 labour-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.”