Provider of warehouse automation systems XSQUARE, based in Singapore, has announced that it has raised S$10.5 million, or roughly $7.8 million, in its Series A fundraising round, which is led by Wavemaker Partners, an early-stage venture investor.
Additionally supporting the capital round were Goldbell Corporation, a dealer of commercial and industrial vehicles, and SEEDS Capital, the investment arm of Enterprise Singapore.
According to XSQUARE, the additional money will be used to further its aims to grow its operations in the area and strengthen its efforts to develop new products.
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The company was established in 2019 and offers intelligent warehouse solutions that are intended to fill in significant gaps caused by ongoing manpower shortages and the pressing need to automate and optimise processes. According to the release, it provides a range of intelligent warehouse orchestrator software and autonomous forklifts with the goal of streamlining warehouse operations.
Among XSQUARE’s clientele are GSK, Coca-Cola, and Katoen Natie. It has also joined forces with one of the biggest producers of material handling equipment worldwide, Mitsubishi Logisnext, to create a new range of autonomous guided trucks.
“Over the past five years, we have enabled companies to overcome automation fragmentation and achieve complete interoperability across a diverse range of warehouses, factories, and dynamic environments,” said Jens Bohnwagner, CEO of XSQUARE Technologies.
The primary investor in the fundraising round, Wavemaker Partners’ Paul Santos, Managing Partner, stressed how important it is for companies to improve their warehousing skills. According to him, businesses may enhance their warehousing operations with XSQUARE without having to totally revamp their system.
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One of the biggest and busiest seed investors in enterprise tech, B2B, and deeptech in Southeast Asia is Wavemaker Partners. Its prior funds included investors such as Temasek, IFC, Concentric Equity Partners, and Vulcan Capital as limited partners.
The company announced in January that it had raised $24.5 million from US investors for its sixth fund with a Southeast Asian focus, which aims to support companies in the region’s rapidly expanding technology sector.
About XSQUARE
XSQUARE has been at the forefront of a revolution in logistics, using intelligent warehouse automation systems to rewrite the rules of intralogistics and alter warehouses throughout Asia Pacific.
