Singaporean-based e-scooter operator and technology developer Neuron Mobility has raised USD 18.5 million in its Series A round led by California-based cross-border fund GSR Ventures and Australian venture capital firm Square Peg.
Existing investors SeedPlus and SEEDS Capital also participated in the round, which follows the company’s previous USD 3.8 million seed round in December 2018.
The fresh funds will be used to develop the company’s technology and to further expand the company’s presence in Australia and New Zealand, while also foraying into other Asia and Pacific markets, said the company.
Neuron Mobility was founded in 2016 by Zachary Wang and Harry Yu. The company develops proprietary e-scooters and offers shared e-scooter services across Singapore, Malaysia, Thailand, and Australia. The firm says to use real-time analytics to power its operational deployment and to improve riders’ safety.
In June, the startup expanded into the Australian market after winning the permit to operate 60% of the scooter fleet allocation in Brisbane City, the capital of Queensland. It has also secured an exclusive license to operate a shared e-scooter program in Darwin City in the Northern Territory of Australia, as well as a trade license to operate in Auckland, New Zealand. Both services are scheduled to be launched early in 2020.
“The world is on an irreversible trend to adopt micro-mobility services into cities of all kinds and sizes in the coming years. Successful implementation of scooter-sharing programs can only happen when there is a strong partnership between local governments and technology providers,” said co-founder and CEO of Neuron Zachary Wang in the press statement.
Neuron has some of the industry’s earliest patents on smart scooter and intelligent charging solutions in the personal mobility industry, the company says, adding that actively seeks to build smart cities in Southeast Asia.
Investor Square Peg believes that the company is well-positioned to expand in the region, especially in Australia and New Zealand, because of its city-friendly approach. “Its entire DNA is built around working very closely with local leadership to bring new mobility solutions to citizens in a safe and sustainable way,” said Square Peg’s Partner Tushar Roy.