Geek+, a global autonomous mobile robot (AMR) manufacturer, has announced a new US$100m (£82.6m) funding round, making the company reportedly worth more than US$2bn (£1.65bn).
The company plans to use the funds to advance its global expansion and invest in its AMR technology research and development (R&D), especially for the warehouse and logistics sectors.
Investors in the round include Intel Capital, Vertex Growth and Qingyue Capital Investment.
In 2021, Geek+ registered an annual revenue of US$150m (£123.8m) and over US$300m (£247.6m) in retail earnings.
In the first six months of 2022, Geek+’s order volume reportedly doubled compared to the same period in 2021. The company predicts a 100% year-on-year growth trajectory for the rest of 2022.
“Thanks to the successful implementation of our global business strategy, the transformative value of our products, and the surge of the smart logistics market, Geek+ is well-positioned to further capture the outsized growth opportunities,” said Yong Zheng, founder and CEO of Geek+.
“The labour-intensive logistics sector has a strong demand for robotic automation, and the market is still largely underserved.
“With the first-mover advantage, Geek+ has already developed a solid competitive advantage in global markets, bringing in a constant driving force for business development.
“This, coupled with our three technology pillars of robotics, systems, and algorithms, has not only allowed Geek+ to develop a full product line, but also improve R&D efficiency while reducing R&D costs.”
Geek+ plans to continue building on its existing business objectives while also improving its R&D and sustainability offerings.
