Beijing-based robotics company Geek+ has raised $150m in a series B funding round led by US private equity firm Warburg Pincus. The new investment will help the startup expand its business into China, where it is already operating as an independent company. Through its combination of robotics, big data and AI-algorithms, the company has delivered 5,000 robots to 100 customers in e-commerce, pharmaceuticals and fast fashion to date. With the US warehouse robotics market expected to top $20bn by 2024 and China's e-commerce sector surpassing $4tn in 2017, corporations like Geek+ are set to grow rapidly.
Beijing-based robotics company Geek+ has raised $150m in a series B funding round led by US private equity firm Warburg Pincus. The latest investment will contribute towards the company's goal of quintupling the size of its AI-enabled logistics robot business, which includes goods-to-person, smart, automated forklifts. Through its combination of robotics, big data and AI-algorithms, the company has delivered 5,000 robots to 100 customers in e-commerce, pharmaceuticals and fast fashion to date. With the US warehouse robotics market expected to top $20bn by 2024 and China's e-commerce sector surpassing $4tn in 2017, corporations like Geek+ are set to grow rapidly.