Singapore-based smart e-scooter startup Neuron Mobility has raised S$5 million (US$3.65 million) from a cluster of early-stage VCs including SeedPlus, 500 Startups, SEEDS Capital, ACE Capital. Several angel investors also took part in the round.
Neuron Mobility will use the newly-raised capital to expand its services across APAC. In recent months, the company rolled out its e-scooter sharing service in Bangkok and Chiang Mai; and will launch its service in Malaysia in December.
It will also channel part of the investment to develop an enhanced version of the e-scooter. According to an official press release, the new models will be of superior commercial grade, and will be UL certificate-compliant, meaning that it will meet global safety standards.
“We are grateful for the support of our partners who believe in our vision of building a sustainable micro-mobility platform that works with cities to solve the needs of consumers looking for a fast, convenient, and affordable mode of transport,” said Zachary Wang, CEO of Neuron Mobility, who founded the company in 2016.
“Using homegrown IOT, predictive analytics, and network optimisation, the company is positioned favourably to rapidly expand across Southeast Asia. We strongly believe in the company’s vision of working collaboratively with cities and local stakeholders to drive growth in smart city initiatives,” said Chirayu Wadke, Partner at SeedPlus.
Like many companies of its ilk, including bike-sharing firms, Neuron appears to have set itself on an aggressive expansion path.
Barely two days ago, it inked a deal with Siri Ventures, a corporate VC firm formed by Sansiri Public Company and Siam Commercial Bank in Thailand. Its e-scooters are currently on trial at Habito in T77 community and D Condo project in Chiang Mai.
That’s not to say that Neuron has not faced obstacles. Though it has implemented geofencing tech to help riders park the e-scooters at designated parking zones, 26 of them were impounded in Singapore when a check by the Land Transport Authority (LTA) found them illegally deployed on public land.
Image Credit: Neuron Mobility