Sesto, a Singapore-based industrial robots company, revealed this week that it had raised $5.7 million from investors, including TRIVE, WTI GmbH, and SEEDS Capital (Enterprise Singapore’s venture capital arm). The financing comes on the heels of a similar-sized Series A round of $4 million in 2018.
Since then, Sesto has had a flurry of activity, as have many other startups in the industrial robotics field, as more businesses have turned to automation in the wake of the epidemic. In May 2020, the company introduced HealthGUARD, a disinfection robot that was many years ahead of the curve compared to the UV-C systems that had been on the market for the last several years.
Magnus was introduced to the company’s portfolio of AMRs in August of that year (autonomous mobile robots). That system functions like several autonomous warehouse robots. It seems pretty similar to the designs created by (the now-owned by Amazon) Kiva. A benefit of its modular architecture is that various accessories can be installed on top of the robots to provide extra functionality, which is beneficial for businesses wishing to deploy an army of autonomous aid quickly. For example, Sesto Prime, a 7-axis robot arm created exclusively for semiconductor production, is one such example of an area of manufacturing that is no doubt keen to extend its use of automation.
Sesto began expanding its business throughout Europe in May, focusing on Austria, Germany, and Switzerland. That, without a doubt, explains the interest shown in this round of investments by companies operating in the EU. GMD Research was used in the round’s announcement by CEO Chor-Chen Ang, who said, “We are thrilled to tap into the growth of Autonomous Mobile Robots in Europe, which is predicted to increase at a CAGR of 11.8 percent over the next four years from its present value of US $4.40 billion.”
The funds will be used to extend these types of worldwide alliances and markets and expand the company’s product offerings and increase the variety of its current robots, among other things.