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SESTO Robotics, a Singapore-based autonomous mobile robotics company, has raised US$5.7M funding from institutional investors TRIVE, German-based World Trading Innovation WTI GmbH, and SEEDS Capital. This round brings the total funding raised to date to $9.7M.
Mr Josef Wildgruber, owner of WTI GmbH and CEO of BBS Automation, says, “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 it has a bright future ahead”.
Chor Chen Ang, CEO of Sesto Robotics, says, “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 Mr 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 CAGR of 11.8% over the next 4 years from US$4.40B* currently.”
The company 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 AMR capabilities and to extend the line-up of AMR applications to cater to the industry needs. The company is recruiting channel partners in North America and other regions.
Christopher Quek, Managing Partner of TRIVE, says, “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.”