Chinese Warehouse Robot Firm Bags USD60 Million in Series B Financing, Warburg Pincus Leads
Shen Weijia
/SOURCE : Yicai
Chinese Warehouse Robot Firm Bags USD60 Million in Series B Financing, Warburg Pincus Leads

(Yicai Global) July 14 -- Beijing-based warehouse robot developer Geek+ raised USD60 million funding through series B financing.

Warburg Pincus LLC led the investment, and its existing shareholder Volcanics Venture acted as secondary investor, the company said yesterday.

The funding will help Geek+ more efficiently upgrade its logistics robot products, and expand its automaton and artificial intelligence (AI) product lines to cover more application scenarios, as well as scaling up its business and marketing operations, online media outlet Jiemian.com reported, citing the startup's founder and chief executive, Zheng Yong.

The fundraising set a new world record for single financing deals in the logistics robot industry.

"Warburg Pincus will use and deploy all its experience and resources in logistics and technology to help Geek+ expand its businesses, and become a global leader in artificial intelligence," said executive director Zhang Lei.

Founded in early 2015, Geek+ specializes in AI and robotics and offers clients one-stop intelligent logistics solutions, and developing custom robot and intelligent logistics system solutions catering to different applications and business needs.

 

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Keywords: Geek+ , AI , LOGISTICS , Robot , VC , FINANCING