ION Mobility, a Singapore-based smart electric motorbike startup has clinched US$3.3 million in seed funding to launch its first motorbike in Indonesia in 2021, as well as to expand regionally.
The investors in the seed round included venture firms Monk's Hill Ventures, TNB Aura, Village Global, kipleX, 500 Startups' South-east Asia-focused 500 Durians fund, an AngelCentral syndicate and Enterprise Singapore's Seeds Capital.
Beyond launching in Indonesia, ION Mobility plans to expand its team and operations in Singapore, Jakarta and Shenzhen, develop its in-house capabilities, and build up its supply chain and manufacturing partnerships.
The startup was founded last year by James Chan, its chief executive, and Joel Chang, chief operating officer. Mr Chan is a former venture capitalist who made early-stage investments via Neoteny Labs and Silicon Straits Group. Meanwhile, Mr Chang, an automotive industry veteran, co-founded Scorpio Electric and led a BMW dealer group's expansion across Asia.
Mr Chan said: "We are committed to offering riders across South-east Asia superior alternatives to their petrol-based motorbikes with our next-generation, smart and connected electric motorbikes that are clean, aspirational and affordable."
Lim Kuo-Yi, managing partner of Monk's Hill Ventures, believes that ION Mobility's founders are "a rare combination of technical, domain and market know-how in creating the next iconic startup to emerge from South-east Asia."
Likewise, Charles Wong, managing partner of TNB Aura, said: "We at TNB Aura believe that the emergence of a local OEM champion is both necessary and imminent, with South-east Asia representing 8 per cent of the world population yet 25 per cent of global motorbike demand."