Logistics robot developer closes Series B funding

With an eye on the Chinese logistics industry, Warburg Pincus is helping Beijing-based logistics robot developer Geek+ deliver its parcels more efficiently.

Warburg Pincus has provided two-thirds of the $150 million Series B fundraising for Geek, a Beijing-based logistics robot developer which uses artificial intelligence technology in robot systems.

Existing investors Volcanics Venture and Vertex Ventures also participated in the round.

Proceeds will be used to develop more robotic products for logistics. Zheng Yong, founder and CEO of Geek, expects his business to grow by more than five times this year.

Volcanics Venture and Gaorong Capital invested $7.2 million in Geek in 2016, followed by a $14.4 million investment from Vertex in May last year.

Founded in 2015, Geek provides robots...

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