- Existing investor DVE Sapta leads round, with Gamlite IT, private investors
- Grow team across engineering & business functions, scale beyond Malaysia
Asia Mobility Technologies Sdn Bhd, a leading mobility-as-a-service (MaaS) and Internet of Things (IoT) solutions provider, today announced the closing of a pre-series A investment round of US$1.06 million (RM5 million), valuing the company at close to US$10.55 (RM50 million).
The round is led by an existing investor DVE Sapta Sdn Bhd with participation from infrastructure asset management company Gamlite IT (M) Sdn Bhd, which has its roots in Sabah, and some private investors.
The pre-series A round follows previous seed funding rounds in 2019 and 2020 that saw investments from DVE Sapta and AirAsia Digital – the venture arm of AirAsia, who saw the early potential of mobility-as-a-service in the region.
The funds will to deepen Asia Mobiliti’s MaaS and IoT technology stack, grow the team across engineering and business functions, and scale its market access to prepare for forays beyond Malaysia.
“We are extremely grateful for our investors’ confidence in our vision for the MaaS and transit IoT sector, which was ahead of its time when we founded the company in 2018,”
said Ramachandran (Ram) Muniandy, co-founder and chief executive officer of Asia Mobiliti which he launched in 2018 with co-founder, Premesh Chandran who has since taken a back seat role.
“To raise a pre-series A funding under the present market conditions is not only a validation of the work we’ve been doing but gives us a competitive edge to develop solutions to address increasingly challenging mobility problems faced by Malaysia and other Southeast Asian countries,” Ram added.
“Asia Mobiliti is amongst the top performing companies in our portfolio of investees,” said S. Satya Kumar, Managing Director of DVE Sapta. “The startup has solid brand presence and market credibility and we are pleased to be involved in a
second round of investment and we are confident it has the right strategic solutions for emerging markets.”
“What began as a research and development partnership on our road condition monitoring systems and IoT platform solutions has now led us into investing in Asia Mobiliti as we see commercial synergy and a great working relationship ahead,” said Aaron Chin, Managing Director of Gamlite IT.
“We are pleased to join this round and excited about this investment as we look forward to helping Asia Mobiliti grow its wide portfolio of MaaS solutions, specifically in Borneo, bolstered by our footprint and local operations there,” added Aaron.
Asia Mobiliti started up with a vision to enable the digitalisation of transport with a unique mobility platform that integrates IoT and telematics with journey planning, and spawning innovative data-driven and AI solutions for the transit and mobility ecosystem. The goal is to enable mobility-as-a-service at scale across emerging markets.