UPDATED 08:59 EDT / NOVEMBER 21 2018

EMERGING TECH

Chinese warehouse robotics automation outfit Geek+ rolls in $150M funding

You might not have heard of the warehouse logistics robotics company Beijing Geekplus Technology Co. Ltd., but investors have: Today the Chinese company announced it has closed on a $150 million funding round.

Geek+, which produces robots that assist with warehouse logistics by providing smart, integrated systems that automate work, said it’s the largest Series B financing to date for a company working with artificial intelligence enabled logistics robot solutions. The company uses AI, internet of things, big data analysis and cloud computing to provide fully interconnected robotics solutions to help supply-chains run smoothly.

This includes robots that automate common manual tasks, such as automated forklifts, palate movers, box pickers and even mobile modular robotic conveyor belts. Geek+ warehouse robots can also deliver packages to workers, follow them around as extra storage and avoid workers and each other with collision avoidance.

“This year, we expect to grow our business by more than five times,” said Yong Zheng, founder and chief executive of Geek+. “This round of financing will further strengthen Geek+’s continued investments in innovative products and solutions, global distribution network, and customer service.”

As an innovator in the field of robotic logistics, Geek+ ships all over the world and has delivered more than 5,000 robots and implemented more than 100 robotics warehouse projects. The company supports customers in mainland China, Hong Kong, Taiwan, Japan, Australia, Singapore, Europe and the United States. Warehouses run by Geek+ robots cross numerous multinational industries including e-commerce, logistics, automotive, fast fashion and pharmaceuticals.

Private equity investment firm Warburg Pincus LLC led the financing round and has now cumulatively committed a total of almost $100 million to Geek+ through a series of investments since 2017. Other companies joining the round included Volcanics Venture and Vertex Ventures.

“Technology is revolutionizing supply chain,” said Jericho Zhang, executive director of Warburg Pincus. “Geek+ is one of the leading technology companies that is able to combine robotics, big data, AI and other cutting-edge technologies to solve the pain points of the traditional supply chain.”

Warehouse supply chain management is changing, according to a report from Allied Market Research, as the demand for automated management continues to rise. The same report claimed that the warehouse robotics market is projected to reach $5.2 billion globally by 2023 up from an estimated $2.4 billion in 2016.

During June, Mobile Industrial Robots ApS announced a new robot to automate the transport of pallets and heavy loads across warehouses. In March, Grey Orange Robotics Pvt. Ltd., a robotics and automated supply chain company, announced the beta launch of an autonomous parcel picking solution called Butler PickPal.

As recently as July, Geek+ unveiled what the company calls the “world’s first interweaving sorting robot system” with “no warehouse reconstruction required” with the unveiling of the S20 robot system.

“As it accumulates more data, and continues to optimize algorithms and expand into other industries, we are confident that Geek+ will continue to lead the revolution and innovation in the space,” Zhang said.

Image: Geek+

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