China logistics robot specialist raises $200m Series C
Geek+, a manufacturer of robots used to move merchandise around warehouses, has closed a Series C funding round, having raised $200 million across two tranches.
The latest tranche was led by V Fund, V Fund Management, a Beijing-based PE firm founded by a group of former Goldman Sachs bankers. It also featured Redview Capital and Vertex Ventures. The first tranche of the Series C, which amounted to $150 million, was completed last year and led by GGV Capital and D1 Capital Partners.
Geek+ received $150 million in Series B funding in 2018 from Warburg Pincus, Vertex Ventures, and Volcanics Ventures that took its valuation past $1 billion. Previous backers include Gaorong Capital.
Founded in 2015, Geek+ - also known as Geek Plus - makes automated, artificial intelligence (AI)-enabled robots that perform various inventory organization tasks in warehouses. The company claims to service nearly 300 companies in over 20 counties, with over 10,000 robots deployed worldwide. Customers include Fortune 500 companies in retail, apparel, e-commerce, manufacturing, automotive, and pharmaceuticals.
“Autonomous mobile robots (AMRs) are the future of global logistics,” said Yong Zheng, founder and CEO of Geek+.
The company claims to be the world’s largest AMR supplier. It is also the only provider with AMRs covering all robotics categories and scenarios in both warehousing and factory environments. These range from goods-to-person picking and shuttle systems to fully integrated solutions for smart fulfillment centers. Geek+ also has the first factory in which robots are 100% produced by robots.
The company wants to ramp up its robot-as-a-service business model, increasing relationships with technology and logistics ecosystem partners to create digital supply chains.
Last month, another industrial robotics specialist, Galaxis Technology raised RMB100 million ($14 million) in Series D funding. The company's core offering is an indoor logistics system - carts that can move in four directions - used in more than 150 logistics centers and warehouses. This followed a RMB100 million Series B for Mech-Mind Robotics, which develops AI-enabled robotic arms that use sensors to identify and retrieve objects.
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