Scooterson has raised a $1.75 million seed round led by Arsat Industry that will see it open an R&D facility in Singapore, while ACK Group has led an investment in US-based Reviver Auto.
Scooterson to open R&D centre in Singapore, raises $1.75m seed round
Investment proceeds from the round will go towards financing the production of its AI-powered and Internet-connected electric scooter, as well as the expansion of its team. The seed investment will see the firm establish manufacturing facilities and engage in talent acquisition, with a focus on engineers for the R&D team in its Singapore office.
DEALSTREETASIA had reported in August 2017 that the firm had secured $700,000 in commitments for its seed round.
The lead investor of the round, Arsat Industry – which has facilities near Arad in Romania – manufactures components for the aerospace industry clients like Airbus, GE and Rolls Royce.
The firm’s co-founders are Mihnea de Vries, Deepansh Jain and Flavius Balaj. Jain saw his startup, Shifu App, acquired for $8 million in 2016 by Alibaba-backed Paytm, an Indian mobile wallet and e-commerce firm. Meanwhile, de Vries and Balaj both possess deep backgrounds in technology entrepreneurship and business development.
ACK Group leads $11.1m investment in Reviver Auto
California-based Reviver Auto, which is the developer of a digital licence plate, has secured $11.1 million in funding. Australia’s Austock Group (ACK Group) led the round with participation from other investors that included WRV and a number of strategic individual investors.
The ACK Group is a pooled development fund (PDF) listed on the Australian Securities Exchange (ASX) that specialises in providing development capital to financial sector businesses. Ernst Leib, current Reviver Auto board member and former CEO and President of Mercedes Benz USA, Canada and Australia, also invested in the round.
The investment accelerates the development of the Reviver Auto platform and its patented technology, including RConnect, a platform that manages the RPlate’s functionality.