Geek+ Announces $100M Series E1 Funding Round with Strategic Investment from Intel Valued at Over $2B

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BEIJING, August 8, 2022 /PRNewswire/ — Geek+, the global leader in autonomous mobile robot technology, has announced the closure of a new $100 million round of Series E1 financing, with the company valued at more than $2 billion. Round investors include Intel Capital, Vertex Growth, and Qingyue capital investment. The company will use this funding to accelerate its global market expansion and invest in research and development of its AMR technology for key product innovation.

In early 2021, Geek+ closed a previously undisclosed Series D funding round led by CPE. In 2021, Geek+ recorded an annual turnover of $150 million and more $300 million in commands. In the first half of 2022, Geek+’s order volume doubled compared to the same period in 2021, and the company expects to maintain its 100% year-over-year growth trajectory for the remainder of 2022.

“With the successful execution of our global business strategy, the transformative value of our products, and the surge in the smart logistics market, Geek+ is well positioned to further seize the outsized growth opportunities,” said Yong Zheng, founder and CEO of Geek+. “Geek+ has moved beyond simply pursuing scale and is now moving towards the stage of commercial success with positive profitability and cash flow.”

“We are confident in our business success and future growth trajectory. The labor-intensive logistics sector has a high demand for robotic automation, and the market is still largely underserved. With the first-mover advantage, Geek+ has already developed a strong competitive advantage in global markets, providing a steady driving force for business development.This, coupled with our three technology pillars of Robotics, Systems and Algorithms, has not only enabled Geek+ to develop a full range of products, but also to improve R&D efficiency while reducing R&D costs.”

Geek+ will continue to build on its established business strategy by accelerating the pace of its global expansion to maintain growth momentum, while strengthening R&D innovation to enhance product differentiation with smart and sustainable solutions.

“As a leader in the global autonomous mobile robot industry, Geek+ has developed deep technology cooperation with Intel and is one of Intel’s go-to 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, cutting-edge, and autonomous mobile robot technologies to drive global innovation in smart logistics and the modernization of infrastructure.”

Geek+ has the richest range of robotic products in the industry, including complete solution capabilities for storage, picking and sorting in warehouses, as well as material handling robots and unmanned forklifts for manufacturing . Over the past year, Geek+ has launched a new generation of its flagship goods-to-person solution, the all-in-one order picking solution, PopPick, as well as a combined AMR/four-lane solution. Geek+ also recently established two new technology platforms: Matrix, a robotics software and hardware technology platform; and a robot management system (RMS) capable of scheduling large-scale robot clusters. With its multiple product portfolios and global sales network, Geek+ provides its customers with comprehensive solutions and reliable operation and maintenance services, while using its scale effect with robot deliveries to drive cost competitiveness. .

“Together with Intel, we will build on our core robotic technologies and system capabilities, strengthening the technology foundation for future business development and long-term growth,” Zheng said.

About Geek+

Geek+ is a global technology company leading the smart logistics revolution. We apply advanced robotics and artificial intelligence technologies to realize flexible, reliable and highly efficient solutions for warehouse and supply chain management. Geek+ is trusted by over 500 global industry leaders and has been recognized as the world leader in autonomous mobile robots. Founded in 2015, Geek+ has over 1,500 employees, with offices in Germanythe UK, United States, Japan, South KoreaMainland China, Hong Kong SAR and Singapore.

For more information, please visit: https://www.geekplus.com/

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