Beijing-based startup Geek+ has raised $150 million in Series B round of funding. The round was led by New York-based Warburg Pincus and Volcanics Venture and Vertex Ventures also participated in it. Geek+ specialises in AI-enabled logistics robots.
According to Crunchbase, Geek+ has now raised approximately $240 million over four rounds. Warburg Pincus has committed a total of approximately $100 million in Geek+ through a series of investments since 2017.
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Geek+ claims the $150 million round, which surpassed GreyOrange’s $140 million Series C in September 2018, is the largest investment round ever in the space. It will use the funding to grow the business ‘by more than five times.’ Warburg has invested more than $11 billion in over 100 companies in China since 1994.
“The investment by Warburg Pincus and other shareholders fully demonstrates their recognition of Geek+’s development and their confidence in Geek+’s future prospects. We will continue to focus on empowering various industries through AI & Robotics technologies,” Geek+ founder and CEO Yong Zheng told Techcrunch.
Founded in 2015, Geek+’s logistics robots include goods-to-person, intelligent moving, intelligent sorting, and automated forklifts.
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