Jul 11, 2019 (China Knowledge) - Chinese logistics robotics startup Geek+ has raised USD 150 mln in its latest Series C1 financing. Its new funding was led by GGV Capital, an U.S. and China focused venture investor. New York-based hedge fund D1 Capital Partners. U.S. private equity firm Warburg Pincus also participated in the new round.
Beijing-based Geek+ was founded in 2015 and produces robots that can sort and transport goods at warehouses. The robots can navigate a massive number of stock keeping units used to track inventories and sales, which is a great help for retailers facing the growing diversity of products in their inventory in the e-commerce age. The company looks to bring automation to warehouses worldwide.
The warehouse automation industry is expected to grow at a rapid rate as retailers worldwide seeking for higher efficiency and lower operation costs. According to Zion Market Research, the warehouse automation industry was valued at USD 45.7 bln in 2017 and is expected to exceed USD 100 bln by 2024.
Geek+ has delivered more than 7,000 robots to clients in the U.S. and Asia. The company currently have clients including tech giants Alibaba Group Holding and Xiaomi, logistics company SF Express, and retailer Suning. The company also claim itself in the leading position in warehouse robotics in Japan.
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