Geek+, a Beijing, China-based robot company, received US$60m in Series B financing.
The round was led by an affiliate of Warburg Pincus, and participated by existing shareholders including Volcanics Venture.
The company intends to use the funds to upgrade its logistics robotics products, expand product offerings to cover more applications, accelerate geographical expansion and industry coverage and start exploring overseas markets through multiple channels.
Founded in early 2015 by Mr. Yong Zheng, CEO, Geek+ provides one-stop intelligent logistics robot solutions to customers. Enabled by artificial intelligence (“AI”) and robot technologies, Geek+’s solutions cover storage, order picking, material handling and parcel sorting. The company’s solutions can perform a wide range of functions such as order division and consolidation, intelligent inventory replenishment and products return, SKU correlation analysis, robots routes optimization, automated collision and congestion control, and dynamic shelf optimization.
Customers include e-commerce platforms, third-party logistics providers, express delivery companies, offline retailers and manufacturers of apparels, pharmaceuticals, automobiles and electronics products.
Geek+ has also established strategic partnerships with a number of key customers to co-develop customized AI and robotic solutions across different industries and applications.
To date, the company has delivered nearly 1,000 units of robots in warehouses for over 20 customers including Tmall, VIPShop and Suning.