ION Mobility, a Singapore-based tech and automotive OEM, raised US$18.7M in Series A funding.
Backers included TVS Motor Company, AC Ventures Malaysia, Michael Sampoerna, Ng Ho Sen, and existing investors such as TNB Aura, Quest Ventures, Monk’s Hill Ventures, Village Global, GDP Venture and Seeds Capital.
The company intends to use the funds to invest the capital into Indonesia to grow its local team, operations and capabilities. This includes its sales and marketing presence, local supply chain networks, production 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 deliver aspirational and sustainable mobility and energy solutions for everyone. Its products combine hardware and software technology with human-centred design to deliver smart electric motorbikes and energy charging and storage solutions.
This announcement follows ION Mobility’s launch of its M1-S electric scooter in Jakarta in November 2022, which also saw the company sign a broad-ranging Memorandum of Understanding (MOU) with Indonesia’s national grid operator PT Perusahaan Listrik Negara (PLN) to expand PLN’s charging network, in addition to two-wheeler fast-charging technology research and user outreach and education.
As part of this investment, TVS Motor will provide ION with the necessary ecosystem support to be successful in the electric two-wheeler markets of Singapore and Indonesia.
This new funding round brings the total capital raised by ION to over US$25.5 million since 2020.
FinSMEs