Singapore's XSquare Technologies Closes S$10.5M Funding

A Singapore-based company, XSQUARE Technologies, obtained S$10.5 million in funding. The funds will be used to drive regional expansion and product development at XSQUARE.

Singapore’s XSquare Technologies' latest funding round marks a turning point for the company as it moves into the next stage of growth. To date, the company has built a rapidly expanding client portfolio of market leaders, including Coca-Cola, GSK, and Katoen Natie, and has entered into strategic global partnerships. Xsquare Technologies raises S$10.5M in Series A funding.

One of XSQUARE's most significant partnerships is with Mitsubishi Logisnext (ML), one of the largest global material-handling equipment companies. XSQUARE partners with Mitsubishi Logisnext to create a new line of Automated Guided Vehicles (AGVs) and distribute the products created by XSQUARE through Mitsubishi Logisnext's global distribution network.

Wavemaker Partners, Southeast Asia's premier venture capital (VC) firm investing in enterprise, deep tech, and sustainability startups, led the round. Enterprise Singapore's investment arm, SEEDS Capital, and Goldbell Corporation joined them.

Singapore’s XSquare Technologies offers intelligent warehouse solutions intended to address critical gaps caused by a lack of recurring labor and the pressing need for automation and optimization of operations in both greenfield and brownfield settings. Founded in 2019, XSQUARE Technologies has been assisting global and local businesses in successfully advancing towards automation.

“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,” stated CEO of XSQUARE Technologies, Jens Bohnwagner.

Furthermore, Jens Bohnwagner stated, “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.”

As Singapore's XSquare Technologies continues to build on its current growth momentum, the company plans to expand its presence in the region, enhance its on-premise capabilities, and further develop its R&D efforts to bring new and enhanced features powered by AI. 

The CEO of XSQUARE Technologies also stated “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.”

With Goldbell Group support, Singapore's XSquare Technologies brings 40+ years of experience in material handling equipment to create innovative solutions based on real-world knowledge and understanding. The company has a fast-growing clientele across a wide variety of industries, including pharmaceuticals, manufacturing, and more. XSQUARE Technologies leads the path of the logistics revolution, providing warehouse automation solutions across the Asia Pacific and beyond.