We use cookies to provide you with a better experience. By continuing to browse the site you are agreeing to our use of cookies in accordance with our Cookie Policy.
  • INDUSTRY PRESS ROOM
  • SUBMISSIONS
  • MEDIA FILE
  • Create Account
  • Sign In
  • Sign Out
  • My Account
Free Newsletters
  • MAGAZINE
    • Current Issue
    • Archives
    • Digital Edition
    • Subscribe
    • Newsletters
  • STRATEGY
  • GLOBAL
  • LOGISTICS
  • MANUFACTURING
  • PROCUREMENT
  • VIDEO
    • News & Exclusives
    • Viewer Contributed
    • CSCMP EDGE 2022 Startup Alley
    • Upload your video
  • PODCAST ETC
    • Podcast
    • White Papers
    • Webcasts
    • Events
    • Blogs
      • Reflections
      • SCQ Forum
    • Mobile Apps
  • MAGAZINE
    • Current Issue
    • Archives
    • Digital Edition
    • Subscribe
    • Newsletters
  • STRATEGY
  • GLOBAL
  • LOGISTICS
  • MANUFACTURING
  • PROCUREMENT
  • VIDEO
    • News & Exclusives
    • Viewer Contributed
    • CSCMP EDGE 2022 Startup Alley
    • Upload your video
  • PODCAST ETC
    • Podcast
    • White Papers
    • Webcasts
    • Events
    • Blogs
      • Reflections
      • SCQ Forum
    • Mobile Apps
Home » Geek+ plans increased R&D in warehouse robots following $100 million funding

Geek+ plans increased R&D in warehouse robots following $100 million funding

Investment partner Intel says it will cooperate in using cloud, edge, and AMR technologies to reach “smart logistics” and infrastructure modernization

geek plus Screen Shot 2022-08-09 at 4.29.51 PM.png
August 9, 2022
Supply Chain Quarterly Staff
No Comments

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.

 

 

E-Commerce Technology Warehousing
KEYWORDS Geek + Robotics Intel
    • Related Articles

      Bringg raises $100 million in Series E funding

      Big-name investors back inVia’s warehouse robots with $30 million

      Rhenus Partners with Geek+ to Develop its First AMR Warehouse in Asia

    Recent Articles by Supply Chain Quarterly Staff

    Nearshoring trend sparks demand for logistics real estate in Mexico

    Airfreight rates in May skidded to their lowest level since March 2020

    FMCSA’s Truck Leasing Task Force to hold first meeting in July

    You must login or register in order to post a comment.

    Report Abusive Comment

    Most Popular Articles

    • Report: Sagging freight stats show that trucking sector is returning to its historic mean

    • Survey: parcel delivery drivers are frustrated by using their own smartphones for work

    • Heavy transport across two continents

    • Survey: most Americans unaware that truckers face shortage of parking spaces

    • Supply chain executives not yet seeing expected results from technology investments

    Featured Video

    Household goods customs broker thumb

    Household Goods Customs Broker

    Viewer Contributed
    Household Goods Customs Broker :Gallagher Transport International is a highly experienced customs broker specializing in household goods, providing efficient and cost-effective customs clearance services while ensuring compliance with all necessary regulations. Our Services Include: Importing & Exporting...

    FEATURED WHITE PAPERS

    • Three layers of forklift safety: Promoting operating best practices

    • The Complete Guide to Automated Packaging

    • Five tips for parcel success in 2023

    • Guide to Pallet Rack Safety

    View More

    Subscribe to Supply Chain Quarterly

    Get Your Subscription
    • SUBSCRIBE
    • E-NEWSLETTERS
    • ADVERTISING
    • CUSTOMER CARE
    • CONTACT
    • ABOUT
    • STAFF
    • PRIVACY POLICY

    Copyright ©2023. All Rights ReservedDesign, CMS, Hosting & Web Development :: ePublishing