A Singaporean start-up of smart electric scooters which named ScorpioElectric has received $6.3 million in new financing
Singapore-based smart Electric motorcycle start-up Scorpio Electric has announced $6.3 million in new financing from undisclosed sources.
The round is the second round after a $1.5 million seed investment in 2018 from its parent, EuroSports Global Limited, a luxury car dealership listed on the Singapore Exchange.The new money will be used for the development and production of its pure electric motorcycle, which is scheduled to be launched in 2021.
Part of the investment will also go into software and hardware development for its first motorcycle.This will include the manufacture of prototype vehicles, which will be subject to quality checks in accordance with international standards.
Also on the way is Scorpio Electric's 3,600-square-meter headquarters and assembly plant, which is expected to produce up to 8,000 Electric motorcycles a year.The distinctive Southeast Asian market provides business opportunities for Scorpio Electric. According to statistics, there are more than 200 million motorcycles in Southeast Asia, with an annual transaction volume of 15 million.
The startup says it will stand out from the competition by introducing technologies such as artificial intelligence and data analysis to electric scooters to improve cycling efficiency.
"While there are many opportunities in the motorcycle industry around the world, none are more important than our southeast Asian market," said Melvin Goh, chief executive of Scorpio Electric.The region sells more than 15 million motorcycles a year, and is full of young people looking for new products. The future is limitless."