Malaysia's Yinson to invest in Singaporean autonomous vehicle startup, MooVita
Sanjay · Jun 14, 2021 06:00 PM
Malaysia-based Yinson Holdings Berhad has entered into an agreement with Singapore's SMRT Ventures to co-invest an undisclosed sum in MooVita Pte. Ltd., an autonomous vehicle startup.
Yinson is the lead investor in this fundraising round, and it's also their first foray into the mobility sector, one of the three segments alongside marine and energy that they're actively earmarking under their newly-established Yinson Green Technologies Division (YGT).
They're a JB-based company that has their roots in logistics and transport, and has since branched out into renewable energy and green technology.
MooVita was established in 2016, specialising in developing autonomous driving solutions.
The company is currently working on component-based driverless software solutions which can turn certain vehicles into autonomous vehicles, able to be deployed in first/last mile transportation, logistics, and utility solutions.
The group says this co-investment aims to accelerate the development, commercialisation, and international expansion of MooVita's driverless solutions.
MooVita's co-founder and Chief Operating Officer, Limbu Dilip Kumar said that this investment will allow them to advance "their driverless technologies, building a fleet of driverless shuttle buses, and expediting the deployment of MooVita’s driverless public transport solutions across Asian urbanscapes, starting from Singapore and Malaysia.”
Eirik Barclay, Yinson's group executive vice president for new ventures and technology, said that the investment is in-keeping with the division's goal of accelerating the global transition into a low carbon economy through green technology investments.
Barclay also adds that Yinson may also explore similar partnerships with MooVita in Malaysia.