Safety-focused, e-scooter operator Neuron Mobility from Singapore, has just raised $43.5 million in Series B funding. With this, the total funding raised by the company accounts for $77.7 million.
The financing round was co-led by global venture firms GSR Ventures and Square Peg. Also, Singapore’s EDBI, a global Asia-based investor, joined the round.
Neuron Mobility will use the fresh funds to fuel its unique international expansion strategy. An increasing number of cities are choosing to limit the number of micromobility operators by awarding long-term contracts to the best operators that prioritise managing e-scooters and e-bikes in a sustainable and responsible way.
This is in line with Neuron’s willingness to partner with cities and is far more predictable, with higher vehicle utilisation rates.
Neuron will continue to differentiate from the competition by designing and manufacturing their own ‘safety-first’ e-scooters, investing in more proprietary technology to help win competitive tenders, and integrate into cities in the best possible way.
Zachary Wang, Neuron Mobility’s CEO, said: “We think our vertically-integrated approach, designing and building our own e-scooters and the systems that run them, gives us a unique advantage. 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.”
Yuechen Zhao, Partner at GSR Ventures said: “We are happy to support the Neuron team as they deliver on their exciting expansion plans. Neuron takes a unique partnership approach when it comes to working with cities, continually adapting and innovating to meet their needs. We look forward to seeing Neuron further advance their technology leadership by adding to their long list of innovations over the coming months.”
Square Peg’s Partner, Tushar Roy said: “Innovation and collaboration is part of Neuron’s DNA. The company continues to create new technology to address the mobility and logistics challenges of individual cities, and they work closely with councils to implement them in a way that drives better outcomes for all stakeholders. This approach will stand them in good stead as they deliver on their exciting expansion plans.”
Sets itself apart from competition
Founded in Singapore in 2016 by Zachary Wang and Harry Yu, since its debut, the firm operates in 18 locations in Australia and New Zealand, three cities in the United Kingdom and in five locations in Canada.
Further, the company designs and manufactures its own e-scooters with a focus on safety and sustainability. Its long list of industry firsts includes the first battery swappable e-scooter for greener operations and a full suite of geofencing to control where and how e-scooters are ridden in 2018. Also, in 2020, Neuron launched the first app-controlled helmet lock, which integrates a helmet to every e-scooter.
The technology used by the e-scooter operator includes the High Accuracy Location Technology (HALT), which can correct GPS variance to locate an e-scooter within 10 centimetres while the industry norm is 5-10 metres. Also, it includes a range of smart sensors and a Dangerous Riding Detection system, which will combat pavement riding, aggressive swerving, skidding, tandem riding and kerb jumping. The technology allows the company to correct or penalise unsafe behaviours and incentivise safe riding.