Neuron Mobility, Singapore-headquartered e-scooter and e-bike operator, announces it has raised US$43.5 million ($60.2 million) in a Series B investment round, bringing their total capital raised to US$77.7 million. The investment round was co-led by global venture firms GSR Ventures, Square Peg and Asia-based investor EDBI.
Since Sept 2020, Neuron Mobility has launched in 22 new cities globally and tripled its operations, becoming Canada’s fastest growing e-scooter operator in their first year.
At present, Neuron Mobility is a leading operator in Australia and New Zealand and expanding global operations in the UK and South Korea.
The new funds will go towards more proprietary technology and accelerate the launch of Neuron Mobility’s new “e-scooter brain”.
The “e-scooter brain” includes industry-leading High Accuracy Location Technology (HALT) which can correct GPS variance to locate an e-scooter to within 10 cm, as compared to the industry norm of 5-10 metres. The new technology also includes a range of smart sensors and a Dangerous Riding Detection system, which will combat sidewalk riding, aggressive swerving, skidding, tandem riding and kerb jumping. It therefore allows the company to correct or penalise unsafe behaviours while also incentivising safe riding.
Neuron Mobility’s “e-scooter brain” technology system will be rolled out on their e-scooters in key cities, in addition to the Nov 2021 announcement of a major technology trial involving 1,500 e-scooters in Australia, Canada and the UK.
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Moreover, the funding will also allow Neuron Mobility to continue to design and manufacture their own safety-first e-scooters, on top of developing and rolling out a range of other innovative technologies at scale.
“We think our vertically-integrated approach, designing and building our own e-scooters and the systems that run them, gives us a unique advantage,” says Zachary Wang, CEO of Neuron Mobility. “Proprietary technologies, like our ‘e-scooter brain’ and a range of AI innovations, are a real differentiator and help us integrate into cities in the best possible way.”
In addition, its latest capital will fuel Neuron Mobility’s unique international expansion strategy, which is focused on winning highly-prized competitive tenders.
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As such, with the added security features that Neuron Mobility is keen on developing and investing in as well, Neuron Mobility hopes in this way to trump other competitors in several markets to win micromobility operating long-term contracts.
Photo: Neuron Mobility
