Geek+ Completes $100 Million E1 Round of Financing, Post-Investment Valuation Exceeds $2 Billion-EEWORLD

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On August 8, Geek+ announced the completion of a $ 100 million E1 round of financing, jointly funded by Intel Capital, Xiangfeng Growth Fund and Qingyue Capital, with a post-investment valuation of over $ 2 billion . Geek+'s current round of financing will mainly be used to accelerate global market expansion and continue to promote underlying technology research and development and key product innovation.

Prior to this round of financing, Geek+ completed its Series D financing led by CPE Yuanfeng in early 2021.

Geek+'s sales orders exceeded RMB 2 billion and its revenue exceeded RMB 1 billion in 2021. In 2022 , Geek+ will continue to maintain strong business growth, with orders doubling year-on-year in the first half of the year. It is expected that this year's full-year performance will maintain an annual growth rate of 100% compared with last year , and its business volume and growth rate will continue to lead the logistics robot industry.

Zheng Yong, founder and CEO of Geek+, said: "Thanks to the successful implementation of Geek+'s global business strategy and the strong outbreak of the logistics intelligence market, the company has ushered in rapid business growth in recent years. After the rapid growth of business scale in the past few years, the company has begun to move towards a successful stage of profitable commercial sustainable development.

▲ Geek+'s full range of logistics robot products

Multiple customers continue to repurchase, highlighting the advantages of overseas development

Geek+ can provide a full range of logistics robot products and full-scenario solutions. It has currently served more than 500 global major customers such as Nike, Walmart, Siemens, BMW, Toyota, and DHL. Many of these customers have made consecutive repurchases and promoted and applied Geek+ projects globally , further driving the strong growth of Geek+'s business. At the same time, Geek+ has also established in-depth strategic partnerships with top technology companies in various fields around the world, such as Intel, Microsoft, and Bosch Rexroth, and is jointly committed to the joint research and development and innovative application of robotics technology.

Among them, Tianlin Wang, Managing Director of Intel Capital, one of the investors in this round of financing, said: "As a leading company in the global AMR industry, Geek+ has always maintained in-depth technical cooperation with Intel and is one of Intel's benchmark partners in the field of robots and robot-based solutions. We hope to further deepen the cooperative relationship between the two parties through this investment, and continue to work with Geek+ in the future to create industry applications and solutions that combine cloud, edge, and end through AMR, continue to promote industry innovation and intelligent implementation, and realize the modernization of smart logistics infrastructure on a global scale."

Geek+ is one of the earliest Chinese logistics robot companies to successfully expand overseas. It currently has regional headquarters in the United States, Europe, Japan, Singapore, South Korea, and Hong Kong, China, and has established complete local teams. It has mature sales, delivery, and service capabilities and rich experience in more than 30 countries around the world.

With its first-mover advantage, Geek+ has established strong industry barriers and a moat for the development of international business in terms of patents, product certification, safety requirements, data privacy requirements, professional local teams, and after-sales service systems in overseas markets.

Platform technology breakthroughs and product business synergy drive long-term development

Since its establishment, Geek+ has filed more than 950 patent applications worldwide and has been granted more than 400 patents. Recently, Geek+ has launched its original new generation all-round goods-to-person picking solution PopPick and SkyPick storage and picking innovation solution, continuing to promote the development of logistics robots and warehouse automation industries with product innovation.

Currently, Geek+ has a rich robot product line in the industry, which not only includes full-solution capabilities for storage, picking and sorting in warehousing scenarios, but also includes industrial handling robots and unmanned forklifts for manufacturing scenarios.

In addition, Geek+ has established the industry-wide robot body software and hardware technology platform Matrix and the robot cluster management system platform RMS . Matrix includes standardized hardware modules such as the robot's main control, drive and battery management, as well as software algorithms such as navigation positioning, path planning and environmental perception that are adapted to different scenarios. RMS provides collaborative management of robots that are compatible with multiple types and different navigation methods, as well as efficient scheduling of large-scale robot clusters.

▲ Geek+'s new generation all-around goods-to-person picking solution PopPick

Thanks to Geek+'s unique three major technology platforms of robots, systems and algorithms , Geek+ not only supports the layout of its full product line, but also improves R&D efficiency and reduces R&D costs through technical collaboration, bringing greater imagination space for Geek+'s future development.

With the synergy of its multi-product portfolio and global business network, as well as the cost advantages brought by its economies of scale, Geek+ can provide customers with more professional and comprehensive solutions and reliable operation and maintenance service capabilities.

Looking to the future, Zheng Yong emphasized: "GeeK+'s vision is to become a great global robotics company. Starting from the logistics scenario, we have created industry-leading logistics robot products to help global companies efficiently achieve smart logistics upgrades. At the same time, we are also accumulating core robotics technology and system capabilities, building an underlying technology platform, and providing a technical foundation for future business expansion and corporate vision, thereby driving Geek+ to achieve long-term development."

Reference address：Geek+ Completes $100 Million E1 Round of Financing, Post-Investment Valuation Exceeds $2 Billion

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