By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
eBusiness Life MagazineeBusiness Life Magazine
  • Home
  • NewsBytes
  • Big Issues
  • Columns
  • Cyberparenting
  • Tech Talk
  • Gadget Review
  • Interviews
  • Our People
Notification Show More
Font ResizerAa
eBusiness Life MagazineeBusiness Life Magazine
Font ResizerAa
  • Categories
  • More Foxiz
    • Blog Index
    • Sitemap
Follow US
eBusiness Life Magazine > Blog > NewsBytes > Geek+’s $100M At $2B Valuation, An Indication Robotics Is Picking Up
NewsBytesWorld of Sc & Tech

Geek+’s $100M At $2B Valuation, An Indication Robotics Is Picking Up

ELadmin1
Last updated: 2022/08/10 at 6:34 AM
By ELadmin1
Share
2 Min Read
SHARE

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.

Ad imageAd image

“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.

ELadmin1 August 10, 2022 August 10, 2022
Share This Article
Facebook Twitter Whatsapp Whatsapp LinkedIn Copy Link Print
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Get Started
Additive Manufacturing Making Impact on Digitalization, More Sustainable Workflows – Study

With 3D printing making an impact on the digitalization of manufacturing and…

NCC Cautions MNOs Over Interconnection Agreements Default

… Lifts Phased Disconnection Mandate Against Globacom In a bid to protect…

Infrastructure Financing: AfDB And InfraCredit Sign $15 million Funding Agreement

The African Development Bank (AfDB) and Infrastructure Credit Guarantee Company Limited (InfraCredit)…

Moniepoint, NITHub Unilag Kicks Off 2nd Cohort Of HatchDev Programme 

Moniepoint Inc, Africa's top digital financial services provider, in collaboration with University…

Stakeholders Seek Ways To Mitigate Telecom Fibre Cuts

The Association of Telecommunication Companies Of Nigeria (ATCON) has highlighted fibre cuts…

Konga Health, L’Oréal Partner to Raise Personal Care Awareness with Discount Campaign
May 22, 2025
Canal+ MultiChoice takeover A Step Away From Final Approval
May 22, 2025
Intellectual Property: Temu Signs MoU With IACC, Joins Advisory Council
May 22, 2025
Despite Knowledge Gap, Marketing Leaders See Strong Potential In gTLDS – New ICANN Research
May 22, 2025
Containerized Infrastructure With Exposed Docker APIs At Risk Of New Cyber Attack – Kaspersky Alert
May 22, 2025

You Might Also Like

NewsBytes

Konga Health, L’Oréal Partner to Raise Personal Care Awareness with Discount Campaign

By Ebusiness Life
NewsBytes

Canal+ MultiChoice takeover A Step Away From Final Approval

By Ebusiness Life
NewsBytes

Intellectual Property: Temu Signs MoU With IACC, Joins Advisory Council

By Ebusiness Life
NewsBytes

Despite Knowledge Gap, Marketing Leaders See Strong Potential In gTLDS – New ICANN Research

By Ebusiness Life
Facebook Twitter Instagram
Company
  • Advertisement
  • Privacy Policy
  • Editorial Policy
  • Contact US
More Info
  • Newsletter

Sign Up For Free

Subscribe to our newsletter and don’t miss out on our latest reports

Join Community

Copyright 2023. Designed by Kreative TechPoint

adbanner
AdBlock Detected
Our site is an advertising supported site. Please whitelist to support our site.
Okay, I'll Whitelist
Welcome Back!

Sign in to your account

Lost your password?