Technology

Micormobility startup Beam closes $93Mn Series B to fuel expansion

Micormobility startup Beam closes $93Mn Series B to fuel expansion
Singapore-based shared e-scooter and bike renting startup, Beam, has reportedly announced that it has raised more than $93 million through its Series B funding to accelerate its entry into new markets in Asia.

The latest round was led by Affirma Capital, a private equity and VC firm in Singapore, and saw the participation of Sequoia Capital India, ICT Capital, Hana Ventures, RTP Global, AC Ventures, Momentum Venture Capital, and EDB Investment.

With a total raised funding of $135 million, co-founder and CEO of Beam, Alan Jiang, stated that the startup’s valuation has entered triple digits.

As of now, the startup operates in 35 cities across Thailand, Malaysia, South Korea, Australia, and New Zealand, and plans on expanding into more Asian markets including Japan, Vietnam, Philippines, Indonesia, and Turkey.

The fresh capital will be used to start the deployment of its new 5th-gen electric scooter, Beam Saturn, which is set to be rolled out during the second half of the year.

The 5th-gen Saturn will feature an updated version of Beams Micromobility Augmented Riding Safety (MARS), the firms safety platform, which will protect pedestrians as well as improve the local government’s control of where the scooters can be parked or ridden.

The scooter will also have an onboard AI camera, called Beam Pedestrian Shield, which can avoid collisions by instantly and precisely detect pedestrians, and footpaths to automatically reduce the speed of the vehicle and can even halt riding.

Beam stated that the feature will be unveiled on a large scale by the third quarter of this year. The technology, developed in collaboration with an unnamed R&D partner, will be initially piloted by the startup, as per a Beam spokesperson.

Jiang added that the firm also plans on adding a new electric moped in its portfolio during the second half of this year, as it expects e-mopeds to make up for one-third of its fleet in the next two years.

He said that the startup’s goal is shifting single-person journeys to shared small EVs, which are more environmental-friendly for cities and cost-effective for users.

Source credit: https://techcrunch.com/2022/02/24/singapore-based-micromobility-startup-beam-secures-93m-series-b-enters-new-markets/

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