XSQUARE Technologies raised $7.8 M Series A funding from Wavemaker Partners

The intelligent warehousing automation startup XSQUARE Technologies (XSQUARE), based in Singapore, has raised SGD 10.5 million ($7.78 million) in Series A funding.

According to a statement released by XSQUARE on Thursday, the round was headed by Wavemaker Partners, the top venture capital firm in Southeast Asia, with participation from Goldbell Corporation and SEEDS Capital, the investment arm of Enterprise Singapore.

The statement claims that XSQUARE will use the additional funding to speed up its efforts to develop new products and expand regionally.

XSQUARE stated that in order to maintain its current momentum, it intends to grow its operations in the area, bolster its go-to-market skills, and further the company’s R&D initiatives in order to launch new and enhanced features driven by AI technology.

XSQUARE has been assisting both domestic and international businesses in their smooth automation transition since 2019.

The business offers intelligent warehouse solutions made to fill in the gaps left by persistent labor shortages and the pressing need to automate and improve processes in both greenfield and brownfield settings.

For XSQUARE, this most recent round of funding represents a turning point as it begins its next stage of expansion. The company has an impressive track record to date, having forged strategic global partnerships and built a rapidly expanding clientele of industry leaders like Coca-Cola, GSK, and Katoen Natie.

The most significant development is the partnership that XSQUARE recently formed with Mitsubishi Logisnext (ML), one of the biggest material handling equipment manufacturers in the world, to work together on the creation of a new range of Automated Guided Vehicles (AGVs) and the distribution of XSQUARE’s current products via ML’s extensive global distribution network.

“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, Chief Executive Officer of XSQUARE Technologies.

“Our advanced suite of hardware and software solutions ensures seamless interworking of all components within both manned and unmanned settings, to deliver substantial productivity improvements, without the need for major reconfiguration,

“This funding serves as a catalyst for XSQUARE’s growth trajectory, empowering us to scale up our operations, further enhance our technological capabilities, and reinforce our position as a leader in intelligent warehouse solutions,” he added.