Singapore’s Neuron Mobility, which operates an electric scooter sharing service, has raised $5 million in seed funding from SeedPlus, 500 Startups, SEEDS Capital, ACE Capital and other angel investors and family offices.
E-scooters are capturing the interest of investors across the world. After startups in the US, such as Lime, Bird Uber, Lyft, Scoot and Skip, Swedish e-scooter company VOI, raised $50 million in a series A funding last month and Ford bought Spin.
ALSO READ: Swedish e-scooter startup, VOI, raises $50 million led by Balderton Capital
Neuron Mobility will use the funds to expand its services beyond Singapore to across Asia-Pacific. The firm recently launched the first e-scooter sharing service in Bangkok and Chiang Mai, and will launch its service in Malaysia in December, according to reports in local media.
The company will also develop a commercial grade, UL certificate-compliant e-scooter that will set a new standard for enhanced robustness and rider safety. UL certification means that the product complies with certain safety standards.
The company has a proprietary supply chain for its scooters, allowing them greater control over the manufacturing of scooters and enabling quicker scale up, said Neuron Mobility in a press statement.
ALSO READ: Ford acquires e-scooter startup Spin
Chirayu Wadke, partner at SeedPlus, said, “The co-founders impressed us with their strategy around building an e-scooter service, which tends to be very different from ride-hailing or bike-sharing, given the short trips and charging infrastructure needed to deliver a great customer experience. Using homegrown IoT (Internet of Things), predictive analytics and network optimisation, the company is positioned ffavourablyto rapidly expand across South-east Asia.”