SINGAPORE, Nov. 23, 2021 /PRNewswire/ -- MooVita Pte Ltd ("MooVita" and "the Company") has announced that 1Derlife Growth and SEEDS Capital have invested in the Singapore-based autonomous vehicle tech start-up, in its Series A fundraising round closed at the end of October.
1Derlife Growth is a tech-focused private investment and acquisition company headquartered in Singapore, founded and led by a team of experienced entrepreneurs and investors. 1Derlife Growth seeks to partner with small and medium-sized companies in Singapore and Southeast Asia to help grow their businesses and unlock their potential through investment and acquisition solutions.
SEEDS Capital is the investment arm of Enterprise Singapore that catalyses smart investments into innovative Singapore-based early-stage tech startups with strong intellectual content and global market potential, through working with co-investment partners.
1Derlife Growth and SEEDS Capital's capital injection into one of the leading providers of automated electric vehicles in Singapore follows investment from Momentum Ventures (the Corporate Venture arm of SMRT Corporation) and Yinson, to bolster MooVita on its journey to speed up the rollout of the Company's driverless solutions in Singapore, Malaysia and beyond. The injection of capital follows, Yinson's signing of a term sheet with GreenTech Malaysia Alliances Sdn. Bhd. to accelerate the development of electric vehicle (EV) charging infrastructure in Malaysia to significantly accelerate Malaysia's transition to a more environmentally sustainable transport network.
Since its inception, MooVita has pioneered the development of driverless software solutions deployable in cities worldwide. With the vision to revolutionise urban transportation in an era defined by electrification and automation, its industry-leading component-based software is a cost-effective solution designed to convert regular cars into self-driving vehicles for applications such as first/last-mile transportation, logistic transportation and utility solutions. Established in 2016 with headquarters in Singapore and offices in Malaysia and India, MooVita plans to bring its products to Europe while expanding and strengthening its footprint in Asia-Pacific.
Globally, the US$23.34 billion EV & AV sectors are expected to grow to US$64.88 billion by 2026[1]. In Singapore the high-potential market has seen tremendous momentum in EV adoption as the country aims to phase out Internal Combustion Engine (ICE) vehicles and have all vehicles run on cleaner energy by 2040. Singapore has also been named the world's top country for autonomous driving in a new benchmark report by KPMG, leapfrogging other nations in its ambition and readiness to introduce autonomous vehicles (AV) to the public.
Driven by Singapore's push to automatise the public transportation system and accelerate towards a low-carbon future has granted the homegrown EV makers a first-mover advantage. As a result, MooVita is in a prime position in the global race to expedite the world's goals of creating clean, safe and efficient urban transit networks. Leveraging its green and environmentally friendly technologies to unlock EV and AV vehicles possibilities in urban settings, MooVita has demonstrated its vast market potential and is on track to become one of the leaders in the global EV and AV tech space.
"1Derlife Growth is excited to join MooVita's journey. The electric and autonomous vehicle market has enormous potential. Current estimates suggest the industry will grow at a CAGR of 22% hitting US$60bn in 2028. However, I believe it will be much faster than this, thanks to a large and growing consumer and enterprise market. MooVita has demonstrated its strategic position in these two fast-growing segments, and we are sure they will play a pivotal role expanding EV growth in Singapore, Malaysia and beyond," said Gregory Lee, Principal of 1Derlife Growth.
Said Tan Kaixin, General Manager of SEEDS Capital, "SEEDS Capital is pleased to participate in this round of investment into MooVita, one of our homegrown startups. Autonomous vehicle technology is emerging in Singapore and can potentially be an efficient transportation solution. We look forward to supporting MooVita further in their journey to solving industry challenges and exporting their solutions overseas."
"MooVita is pleased to have a successful capital investment round with strategic investors who share our long-term vision and goals of improving urban life. Mr. Gregory Lee of 1Derlife Growth and SEEDS Capital will be significant partners to have on this journey," said Derrick Loh, Co-founder of MooVita.
About 1Derlife Growth
1Derlife Growth is a Singapore-headquartered private investment and acquisition company that focuses on investment and acquisition of technology and software companies that improve Small and Medium Enterprises performance in traditional industries.
1Derlife Growth invests with a long-term view towards scaling and operating the technology and companies it acquires. It provides capital and succession plans to take these investments and acquisitions to the next stage of growth. With its team of committed professionals and experts in research, finance, and marketing, 1Derlife Growth builds long-term value creation for its partner companies in Singapore and the rest of Southeast Asia.
About SEEDS Capital
As the investment arm of Enterprise Singapore, SEEDS Capital catalyses smart investments into innovative Singapore-based early-stage startups with strong intellectual content and global market potential. We adopt a co-investment model, working hand in hand with institutional investors from around the world. Leveraging our collective expertise and networks, we help startups commercialise, realise their business development plans and expand globally. We focus our investments into emerging and strategic sectors aligned with national priorities, including Manufacturing, Trade & Connectivity, Human Health & Potential, Urban Solutions & Sustainability, and Smart Nation & Digital Economy.
About MooVita
Established in 2016, MooVita is a high-tech start-up specialised in designing and deploying roadworthy autonomous vehicles in urban cities worldwide. MooVita is developing an industry-leading component-based driverless software solution, transforming various vehicle types into versatile autonomous vehicles for multitudinous driving conditions and applications, such as first or last mile transportation, logistic transportation, agriculture, and utility solutions. MooVita is headquartered in Singapore, with offices in Malaysia and India. MooVita's early investors include Pioneer Smart Sensing Innovations Corporation (a consolidated subsidiary of Pioneer Corporation), SEEDS Capital and GreenMeadows Accelerator.
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