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Geek+ Raises $150M For Supply Chain Robotics

Beijing-based Geek+ has raised a $150 million investment round for its robotics technology, designed to enhance supply chain management and logistics. Gigabit Magazine reported that Geek+ secured the Series B round from Warburg Pincus and other backers, leading to what reports said is the largest Series B investment round for a logistics robotics company.

Geek+ offers robotics, artificial intelligence (AI), Big Data, Internet of Things (IoT) and cloud computing to streamline supply chain and logistics operations. The company provides a suite of solutions, including moving technology, automated sorting, an autonomous forklift and a cargo-to-man picking system. Reports said Geek+ aims to provide businesses with fully automated warehouses and factories.

The investment will be used to accelerate growth and focus on product innovation, the company said, broadening its global distribution network and enhancing its customer service offering.

“This year, we expect to grow our business by more than five times,” said the company’s CEO Yong Zheng in the firm’s announcement. “This round of financing will further strengthen Geek+’s continued investments in innovative products and solutions, [a] global distribution network and customer service.”

In another statement, Jericho Zhang, executive director of Warburg Pincus, said Geek+ has shown impressive growth.

“Since our first investment in Geek+ last year, we have been very impressed with Geek+’s rapid growth, especially in business expansion and internationalization,” he said. “Technology is revolutionizing supply chain. Geek+ is one of the leading technology companies that is able to combine robotics, Big Data, AI and other cutting-edge technologies to solve the pain points of the traditional supply chain.”

Other recent investments in logistics and supply chain management startups include the September Series C funding for Freightos, which raised $44.4 million from Singapore Exchange and other backers. In addition, FreightRover raised $500 million from Crayhill Capital Management for its freight payments technology, also in September.

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