As the technologies and markets for autonomous mobile robots mature, the suppliers and investments have also grown. Geekplus Technology Co. today announced that it has closed a Series C funding round of more than $200 million to continue its aggressive global expansion.
Founded in 2015, the Beijing-based robotics vendor claimed that it is the only company currently developing and providing a full range of logistics robots for both automated warehousing and smart factories. Geek+ said its robots use artificial intelligence for supply chain functions including goods-to-person picking, bin-to-person shuttling, and sortation, as well as forklifts and disinfection robots.
Investment to continue Geek+ growth
Geek+ raised $150 million in its Series B round in November 2018, which it claimed was the largest in the industry. The autonomous mobile robot (AMR) provider announced $150 million in Series C1 funding last July led by GGV Capital and D1 Capital Partners along with Warburg Pincus.
The C2 round, finalized earlier this year, was led by V Fund, along with Redview Capital and Vertex Ventures.
“We are thankful for the confidence our investors have in the Geek+ vision, strategy, and the broad commercial applications of our products,” stated Yong Zheng, founder and CEO of Geek+. “Our robotics solutions already create real and visible business returns for nearly 300 companies worldwide. We are proud of our achievements, confident in our continued growth and the depth of innovation and commercial application still to be explored for logistics robots. We know AMRs to be the future of the global logistics, and are pleased with the investors’ confidence in their market prospects.”
The company said it will use its latest funding to continue focusing on its “CARE” strategy: “Bringing concrete, immediate, and long-term value to customers with efficient, flexible, and scalable solutions; developing innovative AI applications to robotics and software in logistics; ramping up Robot-as-a-Service as an accessible business model for businesses; and increasing relationships with technology and logistics ecosystem partners to lead the new digital supply chain.”
The company added that its primary production facility in Nanjing, China, is the first one where robots make more robots. Geek+ said it is the world’s largest AMR company, having deployed more than 10,000 robots worldwide. It has over 800 employees and has offices in Germany, the U.K., the U.S., Japan, Hong Kong, and Singapore.
Geek+ noted that its customers include Fortune 500 companies in retail, apparel, e-commerce, manufacturing, automotive, pharmaceutical, and third-party logistics providers, and third-party logistics providers (3PLs).