Saturday, September 23

Robotics Startup Geek+ Raises $150 Million in Series B Funding

Beijing-based robotics startup Geek Plus (Geek+) has reportedly secured funds amounting to $150 million in Series B funding round. The particular round was led by Warburg Pincus, with participation from other shareholders including Volcanics Venture and Vertex Ventures.

With these funds, the company is planning to seize that growing opportunity by investing in product development, sales and customer service. Also, the company has stated that this is the largest-ever funding round for a logistics robotics startup.

Geek+ has not disclosed its valuation after the funding round. The company claims to have delivered more than 5,000 robots across some 100 robotics warehouse projects in China, Hong Kong, Taiwan, Japan, Australia, Singapore, Europe, and the United States. Current customers include Alibaba’s Tmall and out of Asia.

“The investment by Warburg Pincus and other shareholders fully demonstrates their recognition of Geek Plus’s development and their confidence in Geek Plus’s future prospects,” said Yong Zheng, founder and CEO of the startup.

Geek Plus has been building products to date that cover a range of scenarios where you might use a robot: they include “cargo-to-man” picking systems, sorting and movement systems, and unmanned forklifts.