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 100 robots to 5,000 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.