money moves

Robotics co. with growing Houston presence closes series B

The advanced submersible robotics company will put the funds toward international expansion. Photo courtesy of Square Robot

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.

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A View From HETI

Greentown Labs and MassChallenge have formed a strategic partnership. Photo courtesy Greentown Labs.

Climatetech incubator Greentown Labs has formed a strategic partnership with global zero-equity accelerator MassChallenge.

The two organizations have headquarters in the Boston area, while Greentown Labs is also co-located in Houston. MassChallenge has a hub in Dallas, as well as others in Israel, Switzerland and the United Kingdom.

The new partnership aims to strengthen the ecosystem for early-stage climatetech startups by providing more mentorship, support and a broader commercialization network for members, according to a news release.

Greentown Labs will share its expertise with the 23 startups in MassChallenge's first climate-specific accelerator, known as the MassChallenge Early Stage Climate program. Additionally, Greentown Labs members will benefit from MassChallenge's network of expert mentors, judges, entrepreneurs, partners, investors, philanthropists and others.

“There are so many synergies and shared values between MassChallenge and Greentown that launching a collaboration like this feels like a natural next step for our organizations as we strive to support as many early-stage climate founders as possible,” Georgina Campbell Flatter, Greentown Labs CEO, said in the news release. “We want to reduce the friction and barriers to market for these climate entrepreneurs and ultimately increase their opportunity for success—ecosystem collaboration is an essential part of solving these challenges together.”

Combined, Greentown and MassChallenge report that they have supported more than 4,500 founders and more than 1,000 climate startups. MassChallenge has awarded more than $18 million in equity-free grants to startups, which have gone on to raise over $15 billion, since it was founded in 2009. Greentown Labs has helped more than 575 startups raise more than $8.2 billion in funding since it launched in 2011.

Greentown recently added five startups to its Houston community and 14 other climatetech ventures to its Boston incubator. It also announced its third ACCEL cohort, which works to advance BIPOC-led startups in the climatetech space, earlier this year. Read more here.

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