China's Geek+ closes Intel-backed $100m Series E1 round at over $2b valuation

Source: Geek+

Geek+, a China-based developer of autonomous mobile robots (AMRs) for intelligent logistics, has secured $100 million in a Series E1 round of financing, bringing the company’s valuation to over $2 billion.

Beijing-based Geek+ raised the new round from investors including Intel Capital, the venture arm of chipmaker Intel Corp, Singapore’s Vertex Growth, and Qingyue Capital Investment, the startup announced on Monday.

The startup will use the new funding to accelerate its global market expansion and invest in the R&D of AMR technologies, as well as new products.

Geek+’s suite of logistics robot products. Source: Geek+

Geek+, founded in 2015, applies robotics and artificial intelligence (AI) technologies to develop smart solutions for warehouses and supply chain management. The startup has built a network for the sales, delivery, and provision of after-sales services across over 30 countries, with regional headquarters in markets including the US, Europe, Japan, Singapore, South Korea, and Hong Kong.

The completion of its Series E1 round comes as Geek+ has enjoyed accelerated sales growth over the recent two years. Its order volume in the first half of this year is said to have doubled compared to H1 2021, as the startup expects to retain a year-over-year (YOY) revenue growth rate of 100% for the whole year. In 2021, it booked annual revenue of about $150 million and over $300 million in total order value.

“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,” said Zheng Yong, founder and CEO of Geek+, in a statement. “The labour-intensive logistics sector has a strong demand for robotic automation, and the market is still largely underserved.”

The startup has served over 500 corporates across industries like retail, apparel, pharmaceutical, automobile, electronics, and third-party logistics. Its clients include sporting goods retailer Nike, hypermarket chain Walmart, German industrial manufacturer Siemens AG, car makers BMW and Toyota Motor Corp, as well as logistics firm DHL.

Prior to the Series E1 round, Geek+ completed a Series D round led by China’s CITIC Private Equity (CPE) in early 2021.

It announced in June 2020 the completion of its Series C round at over $200 million through two tranches backed by Beijing-based private equity (PE) firm V Fund, Vertex Growth, and growth-stage investment firm Redview Capital. In November 2018, the startup completed a $150-million Series B round led by Warburg Pincus.

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