XSQUARE Technologies raises $10.5m in Series A funding round

The funding will be used to boost regional growth and product development.

XSQUARE Technologies has secured $10.5m in Series A funding led by Wavemaker Partners, with participation from SEEDS Capital, and Goldbell Corporation.

The company said the funding will be allocated to fuel its regional expansion and product development efforts.

"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,” said XSQUARE Technologies Jens Bohnwagner.

“SEEDS Capital is excited to partner XSQUARE as it seeks to scale its 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,” said Kaixin Tan, general manager at Enterprise Singapore's SEEDS Capital.

With this development, the company said it also plans to strengthen its go-to-market capabilities and enhance its research and development to introduce new features powered by artificial intelligence.

XSQUARE provides intelligent warehouse solutions that aim to address gaps arising from recurring labour shortages and the need to automate and optimise operations.

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Some of its clients are Coca-Cola, GSK and Katoen Natie. Furthermore, it has signed partnerships with Mitsubishi Logisnext (ML) for the development of a new line of Automated Guided Vehicles (AGV), and the distribution of XSQUARE's existing products through ML's global distribution network.