Beijing-based Geek+, a developer of autonomous robots for warehousing, closed a new $100 million Series E1 that values the company at more than $2 billion.
Investors in the round included Intel Capital, Vertex Growth and Qingyue Capital Investment.
In addition, Geek+ also announced it had raised a previously undisclosed series D financing round led by CPE in early 2021. The company has now raised nearly $540 million, according to Crunchbase data.
Founded in 2015, Geek+ offers a wide array of robots to help automate the warehouse space. In 2021, the company realized annual revenue of $150 million and more than $300 million in orders, it said in a release.
“Thanks to the successful implementation of our global business strategy, the transformative value of our products, and the surge of the smart logistics market, Geek+ is well-positioned to further capture the outsized growth opportunities,” said founder and CEO, Yong Zheng. “Geek+ has passed the stage of simply pursuing scale and is now moving towards the stage of commercial success with profitability and positive cash flow.”
Geek+ expects to continue its 100% year-to-year growth trajectory for the remainder of 2022 and will use the new funding for global market expansion, as well as research and development.
The slowdown in venture capital funding has hit robotic startups, but not as much as in other sectors.
VC-backed robotic startups saw an explosion of investing last year, as they took in nearly $17.4 billion, according to Crunchbase data. That was a significant increase from only $6.3 billion in 2021.
This year likely will not match 2021’s numbers, but the money coming to startups is still significant. even months into 2022, VC-backed startups have raised nearly $7.7 billion.
Considering the overall slowdown in venture investment, it’s clear VCs still see great potential in robotics.