ION Mobility, a Singapore-based tech and automotive OEM, raised US$18.7M in Collection A funding.
Backers included TVS Motor Firm, AC Ventures Malaysia, Michael Sampoerna, Ng Ho Sen, and present traders equivalent to TNB Aura, Quest Ventures, Monk’s Hill Ventures, Village World, GDP Enterprise and Seeds Capital.
The corporate intends to make use of the funds to speculate the capital into Indonesia to develop its native staff, operations and capabilities. This contains its gross sales and advertising and marketing presence, native provide chain networks, manufacturing tooling and manufacturing capabilities in Indonesia.
Led by Founder and CEO James Chan, ION Mobility is a tech and automotive OEM on a mission to create and ship aspirational and sustainable mobility and vitality options for everybody. Its merchandise mix {hardware} and software program know-how with human-centred design to ship good electrical motorbikes and vitality charging and storage options.
This announcement follows ION Mobility’s launch of its M1-S electrical scooter in Jakarta in November 2022, which additionally noticed the corporate signal a broad-ranging Memorandum of Understanding (MOU) with Indonesia’s nationwide grid operator PT Perusahaan Listrik Negara (PLN) to broaden PLN’s charging community, along with two-wheeler fast-charging know-how analysis and consumer outreach and training.
As a part of this funding, TVS Motor will present ION with the mandatory ecosystem help to achieve success within the electrical two-wheeler markets of Singapore and Indonesia.
This new funding spherical brings the entire capital raised by ION to over US$25.5 million since 2020.
FinSMEs
