Innovations in the transportation sector are enabling many global companies to power the future of urban transport. Tesla, Tata, and Hyundai are among the automobile giants that have launched various projects in order to boost the global electric vehicle market. These international companies may appear to be the leaders, but the EV war has just begun.
Singapore’s Neuron Mobility, a smart scooter startup, sees mobility as a way for Singapore to get ahead of the competition in developing electric scooter-sharing services. Neuron Mobility was founded in 2016 and has some of the industry’s first patents for a smart scooters as well as intelligent charging solutions.
The startup announced recently that it had raised $5 million in funding from SeedPlus. 500 Startups. SEEDS Capital. ACE Capital and other prominent angel investors. Neuron Mobility plans to use the money raised by SeedPlus, 500 Startups, SEEDS Capital, ACE Capital, and other major angel investors and family offices.
A Sustainable Mobility solution for All
The startup launched its first e-scooter-sharing service in Bangkok and Chiang Mai in recent months and will launch the service in Malaysia in December.
“We are seeing an increase in the need for last-mile mobility solutions throughout Asia. We are grateful to our partners for their support in building a micro-mobility solution that will work with cities and consumers who want a quick, convenient, and affordable way of transportation. This funding will allow us to expand our services in Asia, allowing commuters to have a sustainable solution for personal mobility.
In addition to using the funds to expand its presence across the region, the company will also be developing a superior commercial-grade, UL certificate-compliant e-scooter that will set a new standard for enhanced robustness and rider safety. The company owns a supply of its scooters that allows them to have greater control over manufacturing and enable faster scale-up.
Factors to consider when deciding on an investment
The company is committed to working with local authorities to ensure a positive and safe riding experience. It was the first startup to use geo-fencing to ensure scooters were parked in designated parking areas. The company requires first-time users to complete a safety series before using the service. It will also launch a campaign focusing on user education called “Ride Responsibly” soon.
The co-founders’ strategy for building an eScooter service impressed us, as it is very different than ride-hailing and bike-sharing. This is because of the short trips, charging infrastructure, and customer-centric approach required to provide a great experience. The company’s ability to expand rapidly across Southeast Asia is due in part to its use of homegrown IoT and predictive analytics. We believe strongly in the vision of the company to work collaboratively with local stakeholders and cities in order to drive growth for smart city initiatives,” said Chirayu Wadke.