China’s Geek+, an expanding player in autonomous mobile robot (AMR) technologies, has closed a $100 million series E1 funding round, with the company now valued at over $2 billion.
Investors in the round included Intel Capital, Vertex Growth and Qingyue Capital Investment. The company will use the funding to accelerate its global market expansion and invest in its technology research and product development.
In early 2021, Geek+ closed a previously undisclosed series D financing round led by CPE. For 2021, Geek+ registered annual revenue of $150 million and over $300 million in orders.
In the first half of 2022, Geek+ says its order volume doubled compared to the same period in 2021, and the company expects to maintain its 100% year-on-year growth trajectory for the remainder of 2022.
"Thanks to the successful implementation of our global business strategy, the transformative value of our products, and the surge of the smart logistics market, Geek+ is well-positioned to further capture the outsized growth opportunities," said Yong Zheng, founder and CEO of Geek+.
"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."
The labour-intensive logistics sector, with a strong demand for robotic automation, is a key market for the firm.
"As the leader in the global autonomous mobile robots industry, Geek+ has developed in-depth technological cooperation with Intel and is one of Intel's benchmark partners in the field of robotics and robot-based solutions," said Tianlin Wang, managing director at Intel Capital.
"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 modernisation."
Geek+ has over 1,500 employees, with offices in Germany, the UK, the US, Japan, South Korea, China, Hong Kong and Singapore.
Last month, Geek+ opened a regional sales operation in the UK (pictured). The office, located at the Sci-Tech Daresbury site in Warrington, Cheshire, is hosting sales, engineering and service teams, and also features a technology demonstration centre where several Geek+ robots are on permanent display.
