Singapore-based smart electric motorbike company ION Mobility today announced the completion of its US$6.8 million seed financing, co-led by Quest Ventures and TNB Aura.
New and returning investors, such as GDP Venture, Monk’s Hill Ventures, Seeds Capital and 500 Durians (now 500 Southeast Asia), participated.
ION Mobility will use the new money to set up its manufacturing operations in Singapore and Indonesia. The startup is preparing to unveil its first smart e-bike later this year.
“There is a growing sense of excitement and momentum in Southeast Asia around electric motorbikes. They can transform not just the way people move around cities, but also their impact on the environment and the economy,” founder and CEO James Chan said.
“We will accelerate our manufacturing facilities and go-to-market operations across Singapore and Indonesia so that we can better serve our customers upon launch,” he added.
Founded in 2019, ION Mobility aims to become a technology company leading the region’s transition towards a low-carbon economy with consumers’ electric and electric mobility products.
It wants to provide clean alternatives for urban users to alleviate urban air pollution and lead the transition to electric vehicles (EVs) across Southeast Asia, starting with motorbikes.
The plan is to convert the 200-plus million motorcycle users from petrol to electric to drive a sustainable future in Southeast Asia.
ION Mobility is currently in the process of commissioning its 1,175 square metre EV motorbike and battery pack assembly operations at LaunchPad@ one-north in Singapore by the end of this year. It intends to expand its EV motorbike assembly operations into Jakarta in 2022.
A year ago, the mobility startup received US$3.3 million in seed funding from Monk’s Hill, TNB Aura and Village Global, with participation from 500 Southeast Asia, AngelCentral syndicate, kipleX and Seeds Capital.
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Image Credit: ION Mobility
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