SINGAPORE (June 4): ComfortDelGro (CDG) announced that its six-month-old US$100 million corporate venture capital fund ComfortDelGro Ventures has made three strategic investments in transport-related technology start-ups in the areas of on-demand bus technology, fleet management and autonomous vehicle safety testing.
The first is the group’s investment in SWAT, a Singapore-based shared mobility technology company that routes vehicles optimally to offer the highest utilisation rates and service levels.
The start-up was one of the technology providers for the Land Transport Authority’s (LTA) on-demand public bus trials and is currently working with CDG to extend this shared mobility technology to other bus and taxi service fleets in Singapore and overseas.
Already, the first on-demand bus service overseas has launched in Sydney through CDG’s wholly-owned subsidiary, ComfortDelGro Corporation Australia (NSW), providing first and last mile connection to the new Sydney Metro.
The group’s second investment is in Haulio, a container trucking technology company incubated by PSA International’s corporate venture capital arm, PSA unboXed. This local start-up uses technology to match trucking job demand with supply, helping trucking companies save time and resources whilst improving visibility and reliability for end-customers.
Given the similarities in vehicle fleet operations between container and passenger transportation, the synergies that Haulio bring fits into CDG’s intention to expand beyond passenger transport.
The third investment is in Foretellix, an Israel-based autonomous vehicle safety testing and compliance technology company. The company, which is founded by veterans from the semiconductor industry, focuses on developing solutions to bridge the gap between current vehicle testing standards and the eventual stringent measurable safety and compliance requirements that autonomous vehicles will need to fulfil for full commercialisation.
This investment is being held by the group’s testing services subsidiary, VICOM, which is working closely with the start-up to explore the feasibility of introducing such a service in Singapore and other Asian markets.
Meanwhile, the group is also assessing other technology start-up to invest in, these include opportunities that can impact its land transport business such as vehicle fleet electrification, automotive engineering technologies, autonomous vehicle fleet management systems, as well as adjacent disciplines such as smart logistics, artificial intelligence, cybersecurity and robotics.
Apart from start-up investments, CDG will also be involved in innovation sourcing initiatives and incubating new mobility business concepts and technologies with promising entrepreneurs.
Yang Ban Seng, managing director and CEO of CDG, says, “Even as we continue to look at ways to grow our existing businesses, we are pursuing strategic investments in new and emerging technology start-ups which bridge the gap between what is, and what could be. We are excited about the possibilities these new tie-ups may bring to the table in the area of smart urban mobility and transportation. We are building a new wing beyond the core passenger transport business.”
Shares in CDG closed 2 cents higher at $2.48 on Tuesday.
