Beijing-based Geek+, a developer of autonomous robots for warehousing, closed a new $100 million Series E1 that values the company at more than $2 billion.
Investors in the round included Intel Capital, Vertex Growth and Qingyue Capital Investment.
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In addition, Geek+ also announced it had raised a previously undisclosed series D financing round led by CPE in early 2021. The company has now raised nearly $540 million, according to Crunchbase data.
Founded in 2015, Geek+ offers a wide array of robots to help automate the warehouse space. In 2021, the company realized annual revenue of $150 million and more than $300 million in orders, it said in a release.
“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 founder and CEO Yong Zheng. “Geek+ has passed the stage of simply pursuing scale and is now moving towards the stage of commercial success with profitability and positive cash flow.”
Geek+ expects to continue ts 100% year-to-year growth trajectory for the remainder of 2022 and will use the new funding for global market expansion, as well as research and development.
Funding slows, a little
The slowdown in venture capital funding has hit robotic startups, but not as much as in other sectors.
VC-backed robotic startups saw an explosion of investing last year, as they took in nearly $17.4 billion, according to Crunchbase data. That was a significant increase from only $6.3 billion in 2021.
This year likely will not match 2021’s numbers, but the money coming to startups is still significant. even months into 2022, VC-backed startups have raised nearly $7.7 billion.
Considering the overall slowdown in venture investment, it’s clear VCs still see great potential in robotics.
Illustration: Dom Guzman
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