MooVita, a Singapore-based autonomous vehicle startup, announced the close of its Series A funding round co-anchored by 1Derlife Growth and SEEDS Capital.
The capital injection from the two companies follows the investment from Momentum Ventures (the Corporate Venture arm of SMRT Corporation) and Yinson.
The startup said the fresh funding will bolster its journey to speed up the rollout of its driverless solutions in Singapore, Malaysia, and beyond.
Gregory Lee, Principal of 1Derlife Growth, said the electric and autonomous vehicle market has enormous potential. They believe that the industry will grow at a much faster pace and they are excited about this journey with MooVita.
“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,” Lee said in a statement.
Said Tan Kaixin, General Manager of SEEDS Capital, said they are pleased to participate in this round of investment with one of the homegrown startups.
Kaixin added that they look forward to supporting MooVita in their journey to solving industry challenges and exporting their solutions overseas.
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.
Currently, Singapore is pushing to automatize the public transportation system and accelerate towards a low-carbon future which grants the homegrown electric vehicle makers a first-mover advantage.
Derrick Loh, the co-founder of MooVita, said they are pleased to have a successful capital investment round with both Singaporean companies in their journey.
Established in 2016, MooVita has pioneered the development of driverless software solutions deployable in cities worldwide. Its headquarters are in Singapore, and its offices are in Malaysia and India.
The company plans to bring its products to Europe while expanding and strengthening its footprint in Asia-Pacific.