Two things are for certain: 1. There continues to be a lot of excitement around warehouse robotics and 2. Geek+ is extremely good at raising money based on that fact. The Beijing-based warehouse robotics firm just raised another $100 million in funding, labeled a "Series E1," with participation from Intel Capital, Vertex Growth and Qingyue Capital Investment.
The last time we wrote about the company was still fairly early on in the pandemic - June 2020 - when it had just raised a $200 million Series C. Meantime, the company raised an undisclosed Series D last year. Certainly there's no lack of investor interest in the firm at the moment, with this most recent round valuing Geek+ at somewhere around $2 billion.
I'd say it's probably a good idea to get funding while the funding's good. While the space will almost certainly continue to grow, there's likely to be a bit of a correction here, as investments respond to broader market trends. Meanwhile, Geek+ is posting impressive numbers, including $150 million in revenue last year, coupled with $300 million in orders. As pandemic waves continue to result in shutdowns in China and elsewhere, it's easy to see why companies continue investing in these technologies.
Geek+ mentions "global expansion" as one of the primary motivators for its seeking additional funding. Notably, fellow Beijing-based firm, ForwardX Robotics expanded into the U.S. earlier this month, on the heels of its own Series C. In July, Geek+ announced deployments in both North and South America. The firm also has multiple partner deals in Europe.
"With the first-mover advantage, Geek+ has already developed a solid competitive advantage in global markets, bringing in a constant driving force for business development," Geek+ founder and CEO Yong Zheng said in a release. "This, coupled with our three technology pillars of robotics, systems, and algorithms, has not only allowed Geek+ to develop a full product line, but also improve R&D efficiency while reducing R&D costs."
Of course, stateside expansion finds the companies competing with an already-crowded market of domestic warehouse robotics firms that offer a variety of both greenfield and brownfield solutions for automating the warehouse space. Geek+ produces a variety of different robotics systems, though at its core, the company offers a Kiva-style wheeled robot designed to cart around inventory shelves.