Geek+, a Warburg Pincus-backed Chinese unicorn that uses AI and robotics to build smart logistics solutions, has closed over $200 million in a Series C round of financing.
The Series C round consists of two tranches of capital injections. The company recently completed a Series C2 round led by Beijing-based private equity firm V Fund. Temasek-backed Vertex Growth Fund and China-focused growth-stage investment firm Redview Capital participated in the deal.
The first tranche of the Series C round was completed in June 2019, led by global venture capital firm GGV Capital and Dan Sundheim’s D1 Capital Partners, and backed by Warburg Pincus.
The company, in which Warburg Pincus first invested in 2017, entered the unicorn club in November 2018, according to CB Insights’s unicorn list.
Founded in 2015, Geek+ is a technology company that integrates robotics, AI, big data, cloud computing, and Internet of Things (IoT) to provide smart robotics solutions and services to enable the automated operations of warehouses and factories.
It offers AI-based products and solutions for “cargo-to-man” picking, intelligent moving & sorting, as well as automated forklifts to help customers achieve highly-automated or unmanned warehousing, logistics, and manufacturing operations.
The company now delivers products to nearly 300 brands across over 20 countries and regions, including Nike, Walmart, Japan’s Toyota, French sporting goods retailer Decathlon Group, and American-founded German courier DHL. Its clients are largely from the fields of apparel, e-commerce, retail, third-party logistics, pharmaceutical, manufacturing, and automotive.
Geek+ completed a $150-million Series B round led by Warburg Pincus in November 2018. Existing investors including Chinese venture capital firm Volcanics Venture and Vertex Ventures re-upped in the round. It also raised a $60-million Series Pre-B round in July 2017.