Chinese robotics company Geek+ receives $60m funding
China-based robotics company Geek+, which specialises in supplying systems for logistics and warehouses, has received $60m in Series B financing. In a statement issued today (13 July), Geek+ said this new round of financing was led by an affiliate of the private equity firm Warburg Pincus.
According to Geek+, this was the “largest single round of fundraising in the logistics robot industry globally to date”.
Geek+’s robotics solutions cover storage, order picking, material handling and parcel sorting and it claims to have “delivered the largest numbers of logistics robots among its peers in China”.
The company’s customers include e-commerce platforms, third-party logistics providers, express delivery companies, offline retailers and manufacturers of apparels, pharmaceuticals, automobiles and electronics products.
To date, Geek+ has delivered nearly 1,000 units of robots in warehouses for over 20 customers including Tmall, VIPShop and Suning. The company expects to finish deliveries of 2,000 robot units by end of 2017.
Yong Zheng, Founder and CEO of Geek+, commented: “This round of financing will help us upgrade our business in three aspects.
“Firstly, we will accelerate the upgrading of our logistics robotics products and expand product offerings to cover more applications.
“Secondly, we will accelerate our geographical expansion and industry coverage to provide our one-stop intelligent logistics system and operation solutions to more customers.
“Thirdly, we will start exploring overseas markets through multiple channels.”