VE Capital acquires robotics startup Ourglass, two other firms for US$9.5M

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The Ourglass waiter robot

VE Capital Asia, a Singapore-based management consulting and deep-tech solution and service firm, has made three new acquisitions, including robotics service startup Ourglass, for SG$13 million (~US$9.5 million).

The other two firms are point-of-sale (POS) system vendor Coobiz IT Solutions and business management and consultancy firm Arcana Advisory. All three firms are headquartered in Singapore.

The latest transactions follow VE Capital’s previous US$37 million purchase of three other startups in October. These bring its total approximate acquisition value in 2021 to US$46.5 million.

With the new deals, VE Capital Asia aims to reinforce its key business verticals specialising in management consultancy, IoT and automation, software houses, artificial intelligence and machine learning.

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Founded in 2018, Ourglass provides its robotic technology to various sectors, such as food and beverage and shopping malls. Its offerings include delivery robots, dine and discover waiter robots, plate return robots, and customer service staff robots.

The purchase of Ourglass Robotics will assist VE Capital Asia’s retail and F&B partners and clients in implementing robotic solutions in their operations.

Ourglass, alongside the 15-year-old POS system vendor Coobiz IT Solutions, will further solidify VE Capital’s POS offerings and IoT and automation capabilities, as per a press note.

At the same time, Arcana Advisory will boost the acquiring company’s management consulting department, while Coobiz IT Solutions will help it assist more local firms to go digital.

VE Capital claims its revenue grew 5,000 per cent in 2021 compared to 2020.

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Image Credit: VE Capital Asia

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