XSQUARE Technologies Secures S$10.5M in Series A Funding Led by Wavemaker Partners

Singapore, May 23 2024 – XSQUARE Technologies (XSQUARE), a Singapore-based intelligent warehousing automation company, has successfully raised S$10.5 million in Series A funding. The round was led by Wavemaker Partners – Southeast Asia’s leading VC firm investing in early-stage Enterprise, Deep Tech, and Sustainability startups; with participation from SEEDS Capital – the investment arm of Enterprise Singapore – and Goldbell Corporation. The fresh funds will be used to accelerate XSQUARE’s regional growth and product development efforts.

Since 2019, XSQUARE has been helping global and local companies successfully navigate their transition towards automation. The company provides intelligent warehouse solutions designed to address critical gaps arising from recurring labour shortages and the urgent need to automate and optimise operations in both brownfield and greenfield environments.

This latest round of funding marks a pivotal stage for XSQUARE as it embarks on its next phase of growth. The company’s impressive track record, to date, includes building a fast-growing client base of market leaders such as Coca-Cola, GSK and Katoen Natie, as well as forging of strategic global partnerships. Most notably, XSQUARE has recently partnered with Mitsubishi Logisnext (ML), one of the world’s largest material handling equipment companies, 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.

“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. “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.”

Paul Santos, Managing Partner at Wavemaker Partners, said, “With consumer expectations changing rapidly, it’s vital for businesses to boost their warehouse capabilities. XSQUARE empowers companies to optimise their warehousing operations through automation, delivering greater efficiency and precision, without completely overhauling their systems.

“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. 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.”

Commenting on the deal, Kaixin Tan, General Manager at Enterprise Singapore’s SEEDS Capital said, “SEEDS Capital is excited to partner XSQUARE as it seeks to scale their operations in Singapore and Southeast Asia. Its innovative solutions serve to meet the demand for greater efficiency and a more agile supply chain in this region.”

Building on its current momentum, XSQUARE plans to expand its operations in the region, strengthen its go-to-market capabilities, and advance the company’s research and development efforts to introduce new and improved features powered by AI technology.