Geek+ Completes World's Largest Series B Financing in Logistics Robotics Led by Warburg Pincus
Nov 22, 2018
Geek+ Robotics announced today that it has completed a Series B round of financing valued at $150M, and they are claiming that it's the world's largest financing in AI-enabled logistics robotics to date. Warburg Pincus is the lead investor and has committed a total of approximately $100 million in Geek+ since 2017. Other existing shareholders include Volcanics Venture and Vertex Ventures.
Geek+ solutions operate within ecommerce warehouses and 3PL warehouses to move product throughout the automated warehouse to bring goods-to-person for packout operations. Geek+ is one of several autonomous mobile robotics solutions that have emerged to fill the vacuum left by the acquisition of Kiva Robotics by Amazon.
"The investment by Warburg Pincus and other shareholders fully demonstrates their recognition of Geek+'s development and their confidence in Geek+'s future prospects. We will continue to focus on empowering various industries through AI & Robotics technologies. This year, we expect to grow our business by more than five times. This round of financing will further strengthen Geek+'s continued investments in innovative products and solutions, global distribution network, and customer service. We will continue to be customer-centric, and create values for customers through a seamless integration of AI & Robotics technologies and customers' supply chain needs.", said Geek+ CEO and founder Mr. Yong ZHENG.
This investment round will help Geek+ expand its global footprint. Geek+ has been deployed more than 5000 robots at over 100 warehouses worldwide. Their systems are operating in mainland China, Hong Kong, Taiwan, Japan, Australia, Singapore, Europe, and the United States. The Company has also formed strategic partnerships with many leading multinational companies in various industries, such as e-commerce, logistics, automotive, fast fashion, and pharmaceuticals.