BEIJING, Aug. 8, 2022 /PRNewswire/ -- Geek+, the
global leader in autonomous mobile robot technologies, announced it
has closed a new, $100 million series
E1 funding series, with the company valued at over $2 billion. Investors in the round include
Intel Capital, Vertex Growth, and Qingyue Capital
Investment. The company will use this funding to accelerate its
global market expansion and invest in its AMR technology research
and development for key product innovation.
In early 2021, Geek+ closed a previously undisclosed series D
financing round led by CPE. In 2021, Geek+ registered annual
revenue of $150 million and over
$300 million in orders. In the first
half of 2022, Geek+'s order volume doubled compared to the same
period in 2021, and the company expects to maintain its 100%
year-on-year growth trajectory for the remainder of 2022.
"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," said Yong Zheng, founder and CEO of Geek+. "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 labor-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. This, coupled
with our three technology pillars of robotics, systems, and
algorithms, has not only allowed Geek+ to develop a full product
line, but also improve R&D efficiency while reducing R&D
costs."
Geek+ will continue to build upon its established business
strategy by accelerating the pace of its global expansion to
maintain growth momentum, while also strengthening R&D
innovation to enhance product differentiation with smart,
sustainable solutions.
"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," said Tianlin
Wang, Managing Director at Intel Capital. "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+ has the richest robotic product line in the industry,
including full-solution capabilities for storage, picking, and
sorting in warehouses, as well as material handling robots and
unmanned forklifts for manufacturing. In the past year, Geek+
launched a new generation of its flagship goods-to-person solution,
the all-in-one picking solution, PopPick, as well as a combined
AMR/four way-shuttle solution. Geek+ also recently established two
new technology platforms: Matrix, a robotic software and hardware
technology platform; and a robot management system (RMS) capable of
scheduling large-scale robot clusters. With its multiple product
portfolios and global business network, Geek+ provides customers
with comprehensive solutions and reliable operation and maintenance
services, while using its scale effect with robot shipments to spur
cost competitiveness.
"Together with Intel, we will build upon our core robotics
technologies and system capabilities, strengthening the
technological foundation for future business development and
long-term growth," said Zheng.
About Geek+
Geek+ is a global technology company leading the intelligent
logistics revolution. We apply advanced robotics and AI
technologies to realize flexible, reliable, and highly efficient
solutions for warehouses and supply chain management. Geek+ is
trusted by over 500 global industry leaders and has been recognized
as the world leader in autonomous mobile robots. Founded in 2015,
Geek+ has over 1500 employees, with offices in Germany, the United
Kingdom, the United States,
Japan, South Korea, Mainland China, Hong Kong SAR,
and Singapore.
For more information, please visit:
https://www.geekplus.com/