SG autonomous vehicle startup bags ‘multimillion-dollar’ series A money (Updated)

Update (Nov. 24, 6:15 p.m. SGT): This article was updated to include two investors that participated in its series A round. The round was first announced on June 8, 2021.

Singapore autonomous vehicle startup MooVita has closed its series A funding with “multimillions” bagged from, Yinson Holdings Berhad, SMRT Ventures (the corporate VC arm of Singapore public transport operator SMRT), 1Derlife Growth and SEEDS Capital.

The investment marks Yinson’s first foray into the mobility sector, which is one of the three segments it’s actively looking to enter through its newly established and wholly owned Singapore-based subsidiary, Yinson Green Technologies Division.

Established in 2016, MooVita specializes in designing and deploying roadworthy autonomous vehicles in urban cities around the globe. It’s currently developing a component-based driverless software solution, which can transform various vehicle types into autonomous vehicles for applications such as first- or last-mile transportation, logistic transportation, agriculture, and utility solutions.

The company plans to use the new capital to accelerate the development, commercialization, and international expansion of its driverless product. This involves deploying the solutions for public transportation and the urban environment, falling in line with the Sustainable Singapore Blueprint goal to achieve a cleaner and greener transport system in the city-state by 2030.

“Our plan is to replace existing infrastructure and develop innovative business solutions in order to make transportation sustainable through the adoption of clean and environmentally sound technologies,” said Eirik Barclay, Yinson Group’s executive vice president of new ventures and technology. Yinson may also explore similar synergies with MooVita in Malaysia, he added.

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