2024-05-23 10:00 17179

SINGAPORE, May 23, 2024 /PRNewswire/ -- 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.

About XSQUARE Technologies

XSQUARE Technologies is at the forefront of the logistics revolution, offering cutting-edge warehouse automation solutions across Asia Pacific and beyond. Backed by Goldbell Group's 40 years of expertise, we offer a suite of Autonomous Forklifts and Intelligent Warehouse Orchestrator software that set new standards in interoperability and efficiency, simplifying warehouse operations without the need for extensive reconfiguration and thus saving time and costs. Spanning a diverse range of industries from pharmaceuticals to manufacturing, we have a rapidly growing clientele that benefits from our innovation-driven, real-world-tested solutions.

Visit to learn how XSQUARE is shaping the future of intralogistics. For more information and press enquiries, please contact

About Wavemaker Partners

Wavemaker Partners is Southeast Asia's leading VC firm investing in early-stage Enterprise, Deep Tech, and Sustainability startups. Since 2012, it has backed more than 210 companies across the region, with more than US$450 million in total committed capital and exits generating over US$2.2 billion in enterprise value. Today, 87% of Wavemaker's active portfolio startups in Southeast Asia are contributing to at least one UNDP Sustainable Development Goal. In 2021, the firm launched Wavemaker Impact, a venture build fund that aims to co-found climate-tech startups with proven entrepreneurs. For more information, visit or email

About Seeds Capital

As the investment arm of Enterprise Singapore, SEEDS Capital catalyses smart investments into innovative Singapore-based early-stage startups with strong intellectual content and global market potential. We adopt a co-investment model, working hand in hand with institutional investors from around the world. Leveraging our collective expertise and networks, we help startups commercialise, realise their business development plans and expand globally. We focus our investments into emerging and strategic sectors aligned with national priorities, including Manufacturing, Trade & Connectivity, Human Health & Potential, Urban Solutions & Sustainability, and Smart Nation & Digital Economy.

About Goldbell Corporation

Goldbell Corporation is a wholly-owned subsidiary of Goldbell Group — Singapore's largest player in the leasing and distribution of commercial and industrial vehicles, providing transport and logistics solutions for nearly four decades. The company's diversified business portfolio operates under three main pillars: Distribution, Leasing and Financial Services. Its subsidiary, GB Helios, has also gained significant recognition for its impressive growth as one of the fastest-growing non-bank financial institutions.

Poised to be the leader in the smart city landscape, Goldbell Group's Twin Engines for Disruptive Growth strategy combines its domain expertise and financial services capabilities with venture building and investing models to drive innovation and propel future-forward businesses. Notable venture builds include Swat Mobility, XSQUARE Technologies, BlueSG, Polaris, Pilon, and GB NXT. The group's venture investment arm actively nurtures and invests in promising start-ups, with initiatives like MoveSG accelerator and Cube3 Ventures to shape the future of the mobility industry.

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Source: XSQUARE Technologies