Geek+, a global technology company specializing in smart logistics, has recently raised $100 million in a series E1 funding round from Intel Capital, Qingyue Capital Investment, and Vertex Growth, bringing the firm’s valuation to around $2 billion.
According to the company, this funding will be used to hasten its global market expansion and invest in its AMR technology research and development for product innovation.
Earlier in 2021, Geek+ closed an anonymous series D financing round headed by CPE. In the same year, it registered annual proceeds of $150 million as well as $300 million in orders.
Reportedly, Geek+’s order volume almost doubled in the first half of 2022 compared to the same period in 2021. The firm expects to continue its 100% yearly growth trajectory for 2022.
Speaking on the development, Yong Zheng, founder & CEO of Geek+, mentioned that as a result of the firm’s global business strategy, transformative products, and the surge in the smart logistics market, Geek+ is well positioned to grow.
The firm has notably moved from simply pursuing scale to the commercial success stage with positive cash flow and profitability.
Zheng further expressed confidence in the firm’s commercial success and future growth trajectory, given that the labor-intensive logistics sector is witnessing robust demand for robotic automation, as a yet-underserved market.
As a frontrunner in its field, Geek+ has strengthened its foothold in the global robotics market, constantly bolstering business development.
This, along with the three main tech pillars of robotics, systems, and algorithms, has aided Geek+ in rolling out a full product line along with cost-effectively enhancing R&D efficiency, added Yong.
Furthermore, Geek+ plans to underpin its commitment by ramping up its global expansion to maintain growth momentum and enhancing R&D innovation to boost product differentiation with innovative, sustainable solutions.
Source credit - https://www.dcvelocity.com/articles/55236-geek-announces-100-million-series-e1-financing-round-with-strategic-investment-from-intel