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Warburg Pincus Leads $60M Series B Round In Logistics Robot Maker Geek+

Warburg Pincus has led a US$60 million series B financing round in Geek+, a Beijing-based logistics robot developer whose technology, similar to Amazon's Kiva robot, is designed to improve automation at warehouses. Existing shareholders including Volcanics Venture also participated in the round, which is the largest single round of fundraising in the logistics robot industry globally to date, says Warburg in an announcement. The new round follows a RMB100 million (US$14 million) series A+ round in Geek+ led by Vertex Venture Holdings Ltd, a wholly-owned subsidiary of Singapore's Temasek Holdings, in March. Founded in 2015, Geek+ provides one-stop intelligent logistics robot solutions enabled by artificial intelligence and robot technologies. Its solutions cover storage, order picking, material handling and parcel sorting. The robot can perform a wide range of functions such as order division and consolidation, intelligent inventory replenishment and products return, SKU correlation analysis, robots routes optimization, automated collision and congestion control, and dynamic shelf optimization. "As the AI technologies are maturing, we are seeing increasing market demand and new applications. In particular, the traditional, capital-intensive and labor-intensive logistics industry provides huge market potential for AI technologies," said Jericho Zhang, principal of Warburg Pincus. "With the rapid development of China's …