Singapore-based scooter operator Neuron Mobility closes $ 18.5 million funding round
On December 10, Entrepreneurship exclusively learned that Singapore's shared scooter operator Neuron Mobility completed a new round of $ 18.5 million in financing, led by Sands Ventures and Australia's top venture capital firm Square Peg Capital. Existing Singapore investors SeedPlus and SEEDS Capital also participated in this round of financing.
Established in 2016, Neuron Mobility is the fastest-growing shared scooter operator in the Asia-Pacific region. Currently, it has launched shared electric scooter services in Singapore, Malaysia, Thailand, and Australia. The company has developed patented hardware that can control vehicle speed and parking position, which greatly improves the safety of cyclists and provides protection for urban traffic management. The new round of financing will be used to expand the company's operations in Australia and New Zealand, and provide financial support for entering other Asia Pacific markets and further technology development.
In December 2018, Neuron Mobility had raised $ 3.8 million in seed funding, and the company has since achieved tremendous growth in over one million rides. In June of this year, the start-up company entered the Australian market and obtained shared scooter operating licenses from Brisbane City, Queensland, Australia, Darwin City, Northern Territory, and Auckland, New Zealand The latter two regions will be officially put into operation in early 2020.
"It's exciting to see the product iteration cycle of electric scooters getting shorter and shorter, and it's exciting that we will continue to work to develop new technologies to seamlessly integrate shared scooter services with cities in the Asia Pacific region." And CTO Yu Honghai said. Since the launch of N3, the company has also introduced a series of market-oriented technologies to improve rider safety. Examples include fall detection, helmet reward programs, and electronic fence positioning technology in deceleration zones, no riding zones, and no parking zones. The company's data scientists, urban planners, and engineers use data for company operations and urban transportation planning, including real-time data integration, location reporting, event management, and co-creation of preferred riding areas with cities.
Square Peg Capital is Australia's largest venture capital firm, investing in 35 technology companies worldwide and managing more than $ 600 million in funds. Tushar Roy, a partner at Square Peg, said: "The culture of working with cities has penetrated into Neuron Mobility, and its entire DNA is built on close cooperation with local governments in a safe, secure and accessible way. A continuous approach brings new mobility solutions to citizens. "
Will shared scooters be the next outlet?
In 2015, the “air vent” of bike sharing was blown up in China, and there was only one feather left after the capital carnival. In the winter of capital, why did Neuron Mobility continue to receive financing and was favored by Didi investor Jinsha Jiang, the founder and CEO Wang Zizi told VentureBoom: "The accumulation of products for many years, the international team and the core market Choice, these advantages will help us get financing, there are still many opportunities in this field, but good strategies are needed. "
In 2018, shared scooters were all over the world, and companies such as Lime and Bird in Silicon Valley received huge sums of financing. From cycling to skateboarding, the change is not just the external form, but also the business model. Wang Zizi, founder and CEO of Neuron Mobility, said: "I don't think it will last for a long time, and the focus is not how much financing has been raised. This is an industry that will be very big in the future. The initial accumulation of the industry is important.
In an interview with Entrepreneurship State, Wang Zizi expressed great optimism about the future of the industry. "Electric mobility services have just begun. In the next few years, various forms of models will appear in various markets around the world. .I believe that with the development of the company, we will also involve new product lines and new markets. I believe that the next 5-10 years will be the rising period of this industry. "