ION Mobility, a smart electric motorbike startup in Singapore, has received US$3.3 million in seed funding from investors, such as Monk’s Hill Ventures, TNB Aura and Village Global.
500 Durians, the Southeast Asian unit of 500 Startups, besides AngelCentral syndicate, kipleX and Seeds Capital, also joined the round.
The funds will be used to launch its electric motorbikes in Southeast Asia, expand market presence and develop its R&D, supply chain and manufacturing capabilities.
ION Mobility aims to create an affordable and sustainable mobility for everyone by combining advanced software and hardware technology with human-centred design.
It wants to provide clean alternatives for urban users, so as to alleviate urban air pollution and lead the transition to electric vehicles (EVs) across Southeast Asia, starting with motorbike.
The plan is to convert the 200-plus million motorcycle users in Southeast Asia from petrol to electric to drive a sustainable future.
The market opportunity for the motorbike industry in Southeast Asia is expected to hit US$8.53 billion by 2023. ION enters the market focusing on Indonesia, which has one of the biggest motorbike markets globally, with 2019 motorcycle sales at 6.38 million units a year.
ION plans to launch its first EV motorbike in Indonesia in 2021.
In addition, the company is set to expand its team and operations across Singapore, Jakarta and Shenzhen, develop its in-house research and development capabilities, and build up its supply chain and manufacturing partnerships.