Singapore-based Ion Mobility, an electric motorbike startup, announced that it has raised USD 3.3 million in seed funding from Monk’s Hill Ventures, TNB Aura, 500 Startups’ Southeast Asia-focused 500 Durians fund, and others. The company plans to use the funds to launch its e-motorbikes in Southeast Asia, for market expansion, and to strengthen its research and development, supply chain, and manufacturing capabilities.
“We are committed to offering riders across Southeast Asia superior alternatives to their petrol-based motorbikes with our next-generation, smart and connected electric motorbikes that are clean, aspirational and affordable,” said co-founder and CEO James Chan in a statement.
Founded in 2019 by Chan and Joel Chang, Ion Mobility aims to create affordable and sustainable e-motorbikes as clean alternatives for urban users. Ion Mobility’s bikes combine advanced software and hardware technology that will allow them to be more energy-efficient.
The company will focus on Indonesia, which has one of the biggest motorbike markets globally, with 2019 motorcycle sales at 6.38 million units a year, according to data provider Statista. Ion Mobility plans to launch its first electric 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.
The company is not the only EV producer in the region. In its home base, Singapore, Ion Mobility is facing Scorpio Electric—also co-founded by Chang—with production capacity estimated to reach about 8,000 motorbikes a year.