November 23, 2021
MooVita Pte Ltd., based in Singapore, has announced a Series A funding round to help expand its autonomous vehicle technology. Investors in the round include 1Derlife Growth and SEEDS Capital. Funding terms were not disclosed.
The company aims to develop driverless software solutions that can be deployed in cities worldwide, through electrification and automation. The company’s component-based software aims to be a cost-effective solution to convert regular cars into self-driving vehicles for applications such as first- and last-mile transportation, logistics transportation, and utility solutions. Founded in 2016, MooVita said it plans to bring its products to Europe while expanding and strengthening its footprint in the Asia-Pacific region.
In Singapore, the market has seen tremendous momentum in electric vehicles, as the country aims to phase out internal combustion engine vehicles and have all vehicles run on cleaner energy by 2040. MooVita said it is in a prime position in the global race to expedite the world’s goals of creating cleaner, safer and more efficient urban transit networks.
“1Derlife Growth is excited to join MooVita’s journey,” said Gregory Lee, principal of 1Derlife Growth. “The electric and autonomous vehicle market has enormous potential. Current estimates suggest the industry will grow at a CAGR [compound annual growth rate] of 22%, hitting $60 billion 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.”
“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,” said Derrick Loh, co-founder of MooVita. “Mr. Gregory Lee of 1Derlife Growth and SEEDS Capital will be significant partners to have on this journey.”
For more details on MooVita and its technologies, visit its website here.