Geek+, which sells warehouse robots to Alibaba and Suning, says it’s about to break a fundraising record

A unicorn in the logistics robot sector.

Photo:Shutterstock.com

The founder and CEO of Beijing-based robot producer Geek+ Zheng Yong said at the tech summit RISE this week that his company has already completed the major part of its current round of equity financing, which he says will come out at more than USD 150 million.

This round is led by GGV Capital, a well-established VC which has Alibaba, Didi Chuxing, Xiaomi and ByteDance in its investment portfolio, and D1 Capital Partners, said Geek+. Transactions with other investors are also almost finalized.

Geek+ produces robots capable of picking, moving, sorting, and storing packages and products in a warehouse.

The company claims that it has shipped more than 7,000 robots to clients including Alibaba, Suning, and Vipshop, as well as automakers such as FAW Group.

US private equity firm Warburg Pincus led  Geek+’s USD 150 million Series B round late last year, which vaulted the startup to  unicorn status.Warburg Pincus is also participating again in this round, Zheng added.

When this Series C1 round is closed, the total funds raised by the startup will exceed the USD 150 million mark–which, Zheng claims, will represent a new fund-raising record in the logistics robots sector.

Geek+ says that it has the largest market share in Japan, where it works with clients such as e-commerce company ACCC.