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 specialized field crews to meet the rising global demand for Robotic Tank Inspection services.
In addition to the funding commitment, Crosstown Capital will also join Square Robot’s Board of Directors.
Square Robot’s uniqueness and market leadership have seen a surge 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 over sevenfold.
(Image credit: Square Robot)
“We are thrilled to welcome Crosstown Capital to our investment group,” said David Lamont, CEO & President of Square Robot. “I also want to welcome Milton Lovell to our Board; his knowledge and expertise will play a pivotal role during this exciting time for the company.”
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 capitalize on opportunities to achieve significant growth in the coming years. I am personally excited to join the Board and look forward to contributing to its already strong directorial and leadership team.”
