Singapore-based micromobility startup Beam has raised $93 million in Series B funding to help expand into new markets and bring a new moped model to market.
Beam, which currently operates in Australia, New Zealand, South Korea, Thailand, and Malaysia, has had a surprisingly successful time over the last couple of years – with topline revenue growing by 15 times since the start of the pandemic.
This resilience has clearly curried favour with investors, with more than eight companies looking to invest in the startup.
Beam works with local governments across the Asia Pacific region to offer its e-bike and e-scooters as alternative methods of getting around.
However, the company is looking to expand further into Japan, Indonesia, the Philippines, Vietnam, and Turkey, as well as adding a new e-moped model to its lineup.
The company is also looking to invest in further safety technologies promising to “protect pedestrians, enhance Councils’ control of city spaces for zoning and parking, and drive safer usage of vehicles by riders.”
“We are excited to serve new markets and journeys with our Beam Jupiter e-moped, and to bring our 5th generation Beam Saturn e-scooter to cities with MARS technology that will provide significant advancements in safety, city zoning control, rider behavior management, and sustainability,” says Deb Gangopadhyay, Beam’s co-founder and CTO.
“We’re particularly proud of the innovations we’ve created to reduce risks to pedestrians with the Beam Pedestrian Shield, an onboard AI camera that can instantly and accurately detect pedestrians to prevent collisions, and detect footpaths to automatically reduce vehicle speed or even prevent riding completely.”
Beam is also planning to rollout a new fifth-generation of its Saturn e-scooter. This new model promises 12-inch wheels – 20% larger than the average e-scooter, apparently – and hydraulic suspension for a smoother ride. It’s also capable of 110 km on a single charge.
“Micromobility has taken cutting edge safety systems such as Beam’s MARS technology and implemented them onto small electric vehicles such as e-scooters, e-bikes, and e-mopeds to help cities flow better for everyone,” says Alan Jiang, Beam’s other co-founder and CEO.
“We are extremely excited to partner with a visionary fund such as Affirma Capital to bring lower cost, greener, and safer mobility for cities across APAC.”
Keyword: Singapore’s Beam Raises $93m as it Plots Micromobility Expansion