Square Robot Inc., a leader in robotic tank inspection services, has received a US$5mn growth investment from Crosstown Capital LP
The investment will accelerate Square Robot’s expansion of its tank inspection robot fleet, particularly the new generation SR-3 Robots, which have already attracted great market interest and completed their first successful operations.
While Square Robot continues its advancements in robotic development, the company will also dedicate resources to enhancing its focus on training and developing specialised field crews to meet the rising global demand for Robotic Tank Inspection services.
Square Robot has seen a huge growth in demand, expanding operations across four continents in recent months. The request for robotic tank inspections this year alone has already surpassed last year's figures by more than sevenfold.
“We are thrilled to welcome Crosstown Capital to our investment group,” said David Lamont, CEO & president of Square Robot.
Milton Lovell, Crosstown Capital managing partner, added, “With roots in industrial businesses in the United States, we are pleased to make a significant investment at an exciting time for Square Robot.
“We feel as if the company is poised to capitalise on opportunities to achieve significant growth in the coming years.”
