BEEP, a Singapore-based Internet of Things startup, on Wednesday (Jul 31) announced the close of its US$3.3 million pre-series A investment round.
The fundraising was led by existing investors which include Granite Asia (formerly GGV Capital), Farquhar Venture Capital, and SUTD Venture.
The amount raised will aid the company expand its Voltality platform in South-east Asia, starting with Thailand and Malaysia.
Launched in Singapore last year, Voltality connects electric vehicle (EV) drivers with charging points from different operators through a single account. In 2023, it granted EV drivers access to 1,350 charging points from 11 operators in the Republic.
The latest fundraising aims to extend Voltality’s charging network in Malaysia and Thailand. The platform is currently live in Malaysia with partners including Kineta, a unit of Sime Darby.
Beep plans to launch Voltality in Thailand in the third quarter of 2024, and has signed contracts with two of the top five charging operators in the country. The platform aims to enable connectivity with more than 1,600 charging points there, with the network set to grow.
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Kristoffer Jacek Soh, co-founder and CEO of Beep, said: “As (EV) adoption continues to surge, seamless access to charging infrastructure is an increasingly crucial requirement for both consumers and businesses making the transition from internal combustion engine vehicles, yet connectivity remains fragmented across the region.
“Voltality aims to empower both charging operators and mobility providers, allowing them to embed connectivity across different charging stations directly inside their own platforms.”
With its partners in Thailand and Malaysia, Voltality’s overall network will grow to more than 5,000 charging points, from 1,350 in 2023.
The company has also inked a memorandum of understanding (MOU) with Huawei Consumer Cloud Service, with a view to improve the data on charging station locations across South-east Asia through Huawei’s apps.
It has also signed an MOU with Grab to increase the number of charging operators onboarded onto the network, and to support building an integrated charging platform for Grab’s driver-partners in the region. An initial closed-door pilot has started with some driver-partners in Singapore.
Beep is a participant of UOB FinLab’s regional GreenTech Accelerator Programme 2024.
