XSQUARE raises S$10.5 million in Series A funding

News Story
- 30 May 2024 ( #1181 ) - Singapore
1 min read
XSQUARE Technologies already counts Coca-Cola as a customer
XSQUARE Technologies already counts Coca-Cola as a customer

A Singapore warehouse automation company has raised SGD10.5 million (USD7.8 million) in Series A funding for product development and regional expansion.

XSQUARE Technologies already counts Coca-Cola and GSK among its clients and has partnered with Mitsubishi Logisnext (ML) to collaborate on the development of a new line of automated guided vehicles (AGVs) and the distribution of XSQUARE’s existing products through ML’s global distribution network.

The funding round was led by Southeast Asian venture capital firm Wavemaker Partners with participation from SEEDS Capital, the investment arm of Enterprise Singapore, and Goldbell Corporation.

“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,” says XSQUARE chief executive officer Jens Bohnwagner. 

“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.”

Wavemaker Partners managing partner Paul Santos says XSQUARE allows companies to optimise their warehouse without completely overhaulint their system.

“XSQUARE’s AGVs not only enable 24/7 operations, but also run 20% faster than existing solutions while maintaining the highest safety standards and providing real-time inventory visibility,” Santos says. 

“This leads to significant cost savings for companies, including thousands of dollars in labour costs annually. We’re thrilled to be part of XSQUARE’s journey as it enables various industries to improve their warehouse processes and focus on creating higher-value jobs.”

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