Sesto Robotics, a Singapore-based autonomous mobile robotics company, has raised $5.7 million funding from institutional investors TRIVE, German-based World Trading Inovation WTI GmbH and SEEDS Capital.
Sesto Robotics said in a statement that it will be utilizing the funds raised for enhancing its capability to support overseas partners and to invest in digital marketing.
In addition, the company will continue to invest in the development of its Autonomous Mobile Robot (AMR) capabilities and to extend the line-up of AMR applications to cater to the industry needs.
“Having WTI as a strategic investor at this stage of our company’s development helps us to expand into the important European and German market that is the home of Industry 4.0. WTI has a strict investment policy and the investors are entrepreneurs who have built and scaled businesses themselves and believe in investing in the right management team to create successful businesses,
“Sesto Robotics benefits from the industry knowledge and network of Josef Wildgruber of WTI and BBS Automation. We are excited to tap into the growth of autonomous mobile robots in Europe which is projected to expand at a compound annual growth rate (CAGR) of 11.8 percent over the next four years from $4.4 billion currently,” said Chor Chen Ang, Chief Executive Officer of Sesto Robotics.
Sesto Robotics is a robotics company in the field of autonomous technology. Headquartered in Singapore, the company engineers and delivers robotics solutions to global clients seeking to empower their businesses with greater efficiency.
Its line of autonomous mobile robots and automated guided vehicles is a sustainable solution that has been employed by industry leaders in manufacturing and healthcare. Its prior investors include Heliconia Capital, Singtel Innov8 and Mr. Koh Boon Hwee.
“We are very selective in our investments as we invest according to our values and want to know what we own. In Sesto Robotics, we see a company that has developed AMR solutions that are able to scale overseas and have been designed and built according to safety requirements in Europe. We have performed our due diligence and believe Sesto has a bright future ahead,” said Josef Wildgruber, owner of WTI GmbH and Chief Executive Officer of BBS Automation.
WTI is a company founded by entrepreneurs with respect for entrepreneurs, their companies and their employees. It invests based on its principles of value investing which includes seeking companies with solid business foundations, that are able to create value through organic or acquired growth and are managed by a strong team with owner mentality and strong business sense.
BBS Automation is one of the providers worldwide of automated assembly and testing solutions. It provides high quality customised solutions, with full operations capabilities and service support. It has offices and locations in Germany, Italy, Poland, Slovakia, USA, Mexico, China, India and Malaysia.
“TRIVE values Sesto Robotics’ AMRs enabling workplace safety as well as freeing up the time of trained professionals in healthcare settings to focus on patient care. We are excited to be able to create more positive social impact through this investment in Sesto,” said Christopher Quek, Managing Partner of TRIVE.
TRIVE is a Southeast Asia focused, early-stage venture capital fund manager investing into high growth, technology startup companies creating solutions that drive positive social impact. Its investment areas include food, agriculture, healthcare, mobility, education and future of work. TRIVE’s portfolio of 20 companies have operations in six countries in the region and created more than 100,000 jobs and careers.
SEEDS Capital is the investment arm of Enterprise Singapore. It catalyses smart investments into innovative Singapore-based early-stage startups with strong intellectual content and global market potential. It adopts a co-investment model, working hand in hand with institutional investors from around the world.
Leveraging its collective expertise and networks, it helps startups commercialise, realise their business development plans and expand globally. It focuses its investments into emerging and strategic sectors aligned with national priorities, including manufacturing, trade and connectivity, human health and potential, urban solutions and sustainability, and smart nation and digital economy.