Beijing-based Geek+ has raised a $150 million investment round for its robotics technology, designed to enhance supply chain management and logistics.
Gigabit Magazine reports that Geek+ secured the Series B round from Warburg Pincus and other backers, leading to what reports said is the largest Series B investment round for a logistics robotics company.
Geek+ offers robotics, artificial intelligence (AI), Big Data, Internet of Things (IoT) and cloud computing to streamline supply chain and logistics operations. The company provides a suite of solutions, including moving technology, automated sorting, an autonomous forklift and a cargo-to-man picking system.
Reports said Geek+ aims to provide businesses with fully automated warehouses and factories.
The investment will be used to accelerate growth and focus on product innovation, the company said, broadening its global distribution network and enhancing its customer service offering.
“This year, we expect to grow our business by more than five times,” said the company’s CEO Yong Zheng in the firm’s announcement. “This round of financing will further strengthen Geek+’s continued investments in innovative products and solutions, (a) global distribution network and customer service.”
To date, Geek Plus says that it has delivered more than 5,000 robots across some 100 robotics warehouse projects in China, Hong Kong, Taiwan, Japan, Australia, Singapore, Europe and the US.
Current customers include Alibaba’s Tmall and VIP.com out of Asia.
Jericho Zhang, executive director of Warburg Pincus, said Geek+ has shown impressive growth.
“Since our first investment in Geek+ last year, we have been very impressed with Geek+’s rapid growth, especially in business expansion and internationalization,” he said.
“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.”
The biggest-ever venture round for any robotics startup was $820 million for Ubtech, a consumer and educational robotic startup also out of China, in May of this year.