Scorpio Electric, a Singapore-based smart e-motorcycle startup, has announced a US$6.3 million in fresh funding from undisclosed private investors.
This round follows a S$2 million (US$1.5 million) seed funding in 2018 from its parent and SGX-listed luxury automobile distributor EuroSports Global Limited.
The fresh capital will be used for the development and production of its zero-emission, fully-electric motorcycle, intended to launch in 2021.
A portion of the proceeds will also be used for software and hardware development of its first motorcycle. This will include the construction of prototypes that will undergo quality checks, in accordance with international standards.
Additionally, Scorpio will invest in the completion of its headquarters and assembly plant. The 3,600 sqm plant is expected to produce up to 8,000 electric motorcycles annually.
The regional market presents an opportunity for Scorpio Electric to expand in Southeast Asia, which has over 200 million motorcycles and 15 million annual transactions.
The smart tech startup claims it distinguishes itself from the competition by incorporating the use of Artificial Intelligence and data analytics into its electric motorcycles to increase its efficiency.
Melvin Goh, Chief Executive of Scorpio Electric, said: “There is so much untapped potential globally, but none more important than right here in our backyard of Southeast Asia. More than 15 million bikes are sold a year in this region, along with an extremely young demographic looking for new products – the future is full of opportunities.”