Listen to this article
Geek+ has raised $100 million in Series E1 funding. The company’s last funding round closed in early 2021 but was previously undisclosed. Now, the company is valued at over $2 billion.
Participating in the Series E funding round were Intel Capital, Vertex Growth, and Qingyue Capital Investment. Geek+ plans to use the fresh funding to further expand in the global market and invest in research and development for its autonomous mobile robots (AMRs).
Geek+ is speaking during our upcoming Mobile Robotics Week. Geek+ will be featured in a session on August 25 called “Autonomous Mobile Robots: Scaling from Pilots to Fleets.” The session will discuss critical AMR scaling challenges and solutions, including integration with existing infrastructure, interoperation with existing automation processes, fleet management, safety, security, and much more.
The company recently announced it’s expanding its footprint in South America with a new strategic partnership with Körber Supply Chain. The partnership will help the companies provide robotics to clients in Brazil and all of South America.
Geek+ offers a line of AMRs and software for logistics operations. Its AMRs include its P Series Picking Robots, its S Series Sorting Robots, its RS Series Robots, its M Series Moving Robot, its F Series Forklift Robots and its A Series Collaborative Picking Robots. Its robots are equipped with cameras, LiDAR and safety sensors that work with deep learning algorithms to safely navigate warehouses.
“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,” Tianlin Wang, managing director at Intel Capital, said. “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.”
Geek+ brought in $150 million in revenue in 2021 and $300 million in orders, according to the company. Geek+ reported that its order volume more than doubled in the first six months of 2022 compared to the same period in 2021.
“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,” Yong Zheng, founder and CEO of Geek+, 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.”