Warehouse automation vendor Geek+ plans to accelerate its global market expansion and invest in research and development on its autonomous mobile robot (AMR) technology following a $100 million burst of venture capital backing, the company said Monday.
The “series E1” round values the Beijing-based company at over $2 billion and was funded by Intel Capital, Vertex Growth, and Qingyue Capital Investment.
The company says it has seen steep growth during the pandemic and its associated e-commerce boom, pushing it to report 2021 revenue of $150 million and over $300 million in orders. That trend continued in the first half of 2022, when Geek+'s order volume doubled compared to the same period in 2021.
“The labor-intensive logistics sector has a strong demand for robotic automation, and the market is still largely underserved,” Yong Zheng, founder and CEO of Geek+, said in a release. “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."
According to the chip-making giant Intel, its participation in the round will help to extend an existing technological cooperation between the two firms, 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," Wang said in a release.