Singapore's Beep Raises Seed Round from GGV Capital and Wing Vasiksiri

Beep, a Singapore-based internet of things (IOT) transaction platform startup has successfully completed its seed round, with GGV Capital and Wing Vasiksiri as the lead investors.

Beep said in a statement on Thursday that the round saw additional participation from NUS Technology Holdings (a fully owned subsidiary of NUS), SUTD Venture Holdings, XA Network, and other prominent angel investors.

According to the statement, the funds will be used to enhance technical connectivity and roll out the largest roaming network in Southeast Asia, amidst expansion plans into Malaysia, Thailand, and beyond.

Beep said it will continue to work closely with additional charge point operators, vehicle original equipment manufacturers (OEMs), and fleets to expand the network collaboratively and on a permissioned basis.

“Southeast Asia is experiencing a key inflection point in its journey towards a fully electric future, with Singapore playing a leading role due to our relative maturity and charging network density,” said Kristoffer Jacek Soh, Co-Founder and Chief Executive Officer of Beep.

“We strongly believe that for mass adoption to successfully pick up, charging connectivity must be seamless, interoperable and collaborative,

“Today marks another step in our mission to build a truly accessible network for the ecosystem,” he added.

Beep has also on Thursday announced the successful launch of Southeast Asia’s largest electric vehicle roaming (eRoaming) network spanning over 1350 charge points, together with 11 operators in Singapore.

This includes the nation’s three largest operators – SP Group, ComfortDelGro ENGIE (CDG ENGIE) and Charge+, and strategic providers including QuickCharge, MNL Solutions and Go by City Energy.

Since its inception in 2018, Beep’s mission has been to revolutionize the traditional vending machine industry by enabling cashless transactions through its innovative IoT platform.

After collaborating with the Singapore Government to power nationwide distributions during the pandemic, Beep launched Voltality in 2021- an eMobility platform aimed at creating seamless charging experiences for businesses and drivers.

Beep has achieved significant progress with its vision of an integrated ecosystem, including charging stations, payment services, and vehicles.

In June 2022, it launched the region’s first eRoaming pilot with five operators.

“Charge+ is now a leading electric vehicle (EV) charging player in Singapore and Southeast Asia, with our ongoing plan to build a 5,000km EV charging highway across five countries,

“This partnership with Voltality will extend our network coverage and provide a more seamless experience for our EV drivers.” said Goh Chee Kiong, Chief Executive Officer of Charge+.

Meanwhile, CDG ENGIE General Manager Freddie Chew said that the firm is fully dedicated to supporting Singapore’s transition to green mobility.

“In line with this commitment, we have been actively expanding our charging network and developing innovative solutions to meet the evolving needs of EV drivers,” he said.

He also said being involved in Beep’s Voltality enhances the accessibility of the firm’s stations for commercial drivers as they have the convenience of using a single interface to pay for EV charging across multiple networks.

“As our charging infrastructure grows, CDG ENGIE’s partnership in Voltality will serve to strengthen the adoption of EVs with its simple and easily accessible payment solution,” he added.

According to the statement, Beep’s platform acts as a universal translator, seamlessly integrating different charging systems used by various operators.

This eliminates the need for operators to undergo additional integration efforts.

Instead of developing a proprietary Voltality charging app, Beep offers a white-labelled website or Application Programming Interface (API).

This allows vehicle manufacturers, charging operators, and fleets to integrate charging connectivity into their existing applications or interfaces.

It is noted that Hyundai Motor Group Innovation Center in Singapore (HMGICS), Tribecar, EVFY, Singapore Electric Vehicles, and Quantum Mobility are among the first to utilize the network, establishing access to a variety of mutually consenting participating operators on agreed terms.

Source: technode.global