Commuter services provider SWAT closes $2.2 pre-Series A round, while medical device compliance startup Stendard closes a pre-seed funding round.
Commuter app SWAT raises $2.2m pre-Series A
Singapore minibus ride-sharing startup SWAT has raised a S$3 million ($2.2 million) pre-Series A round from undisclosed investors. The company will use proceeds from this round to expand its data and engineering team as well as its service areas.
Currently, it only operates in the central corridor and certain parts of the east of the city-state. The development was reported by e27.
Launched last year, it operates in a different segment than Grab or Uber, though Grab now offers a shuttle bus service called GrabShuttle. It only caters to heavier passenger loads of at least four passengers up to 13 and operates from 7 am to 10 am daily from Monday to Friday. The company plans to expand this window to cater to off-peak hours and evening peak hours this year.
In addition, its systems use dynamic routing, which allows commuters to book for rides on-demand, such as pre-booked rides, scheduled rides, and on-demand rides.
This monitoring of users enables optimal deployment of vehicles, with all pre-booked routes changing according to commuters’ demand.
In his interaction, Lin Shijing, CEO of SWAT, explains: “Because we have historical data, we are able to route our vehicles through certain areas where we know at this time X number of demands are going to be around this area. Pre-booking is actually very complex, because you are trying to estimate the traffic next day — it’s very hard for us to do that. We are trying to do pre-booking one day in advance and on the day itself we are trying to insert passengers — that’s whole new ball game.” he says.
SWAT operates its service through partnerships with several minibus companies, as well as leasing its own minibuses.
Medtech compliance app Stendard closes pre-seed round
Stendard, an online service that helps medical device manufacturers fulfil international standardisation regulations, has closed a pre-seed round. Financial terms were not disclosed.
Its cloud-based software allows paying subscribers to generate documentation compliance with international industry standards. It simplifies the process by reducing technical jargon as well as providing guidance on how to fill and file relevant forms, streamlining the process for what is currently a paper-based procedure.
In an interaction with Tech in Asia, its co-founders, brothers Jason Lim and Vincent Lim, explained that the company was too small for most VC funds. The round is mostly backed by individual investors.
While it has potential in other verticals such as financial services, the firm will concentrate on medical devices for now. The pre-seed round will fund product development and drive user acquisition. The team is also exploring international expansion, with the venture collaborating with Germany-based players in the standardisation space, with an eye on a future rollout in the European Union (EU) and Japan.
Jason Lim explained: “They’ve told us what we need to modify and change in our platform for the EU market. That will help with getting big companies to see Stendard as a good platform to leverage.” The company is also looking at similar opportunities in Japan, he adds.
Stendard is also developing workshops and other events to educate medtech companies about industry standards and their related compliance obligations.
The firm plans to close a seed round in 12 to 18 months and targets a capital raise of between $800,000 to $1 million.