1Derlife Growth seeks to partner with small and medium-sized companies in Singapore and Southeast Asia to help grow their businesses and unlock their potential through investment and acquisition solutions.
SEEDS Capital catalyses smart investments into innovative Singapore-based early-stage tech startups, through working with co-investment partners.
1Derlife Growth and SEEDS Capital’s capital splash into an automated electric vehicles provider in Singapore follows investment from Momentum and Yinson, to bolster MooVita on its journey to speed up the rollout of the company’s driverless solutions in Singapore, Malaysia and beyond. Yinson’s signed a term sheet with GreenTech Malaysia Alliances Sdn. Bhd. to accelerate the development of electric vehicle (EV) charging infrastructure in Malaysia to accelerate Malaysia’s transition to a more environmentally sustainable transport network.
MooVita has pioneered the development of driverless software solutions deployable worldwide. With the vision to revolutionise urban transportation in an era defined by electrification and automation, its component-based software is a cost-effective solution designed to convert regular cars into self-driving vehicles for applications such as first/last-mile transportation, logistic transportation and utility solutions. Established in 2016 with headquarters in Singapore and offices in Malaysia and India, MooVita plans to bring its products to Europe while expanding and strengthening its footprint in Asia-Pacific. Gregory Lee, Principal of 1Derlife Growth, said:
“1Derlife Growth is excited to join MooVita’s journey. The electric and autonomous vehicle market has enormous potential. Current estimates suggest the industry will grow at a CAGR of 22% hitting US$60bn 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.”
Driven by Singapore’s push to automatise the public transportation system and accelerate towards a low-carbon future has granted the homegrown EV makers a first-mover advantage. As a result, MooVita is in a prime position in the global race to expedite the world’s goals of creating clean, safe and efficient urban transit networks. Leveraging its green and environmentally friendly technologies to unlock EV and AV vehicles possibilities in urban settings, MooVita has demonstrated its vast market potential and is on track to become one of the leaders in the global EV and AV tech space.