money moves
Robotics co. with growing Houston presence closes series B
Houston- and Boston-based Square Robot Inc. closed a series B round of funding last month.
The advanced submersible robotics company raised $13 million, according to Tracxn.com, and says it will put the funds toward international expansion.
"This Series B round, our largest to date, enables us to accelerate our growth plans and meet the surging global demand for our services,” David Lamont, CEO, said in a statement.
The company aims to establish a permanent presence in Europe and the Middle East and grow its delivery services to reach four more countries and one new continent in Q1 2025.
Additionally, Square Robot plans to release a new robot early next year. The robot is expected to be able to operate in extreme temperatures up to 60 C. The company will also introduce its first AI-enabled tools to improve data collection.
Square Robot launched its Houston office in 2019. Its autonomous, submersible robots are used for storage tank inspections and eliminate the need for humans to enter dangerous and toxic environments.
The company was one of the first group of finalists for the Houston Innovation Awards' Scaleup of the Year, which honors a Bayou City company that's seen impressive growth in 2024. Click here to read more about the company's growth.