Malaysia, [31 July 2024] – Beep, a cutting-edge IoT transaction platform startup based in Singapore, has successfully closed its USD 3.3 million Pre-Series A investment round. The oversubscribed funding round was spearheaded by existing investors Granite Asia (formerly GGV Capital), Farquhar VC, SUTD Venture Holdings, Wing Vasiksiri, with new participation from M7 Ace Neo, an M7 Company. This financial boost aligns perfectly with Beep’s ambitious expansion strategy into Southeast Asia, beginning with Thailand and Malaysia.
Kristoffer Jacek Soh, Co-Founder & CEO of Beep, expressed his gratitude, stating, “We’re grateful for the continued vote of confidence from our investors who have been with us on our journey, supporting our growth to date. Our rapid progress is a result of the immense support we have received from our investors, partners, industry leaders, and government agencies.”
As electric vehicle (EV) adoption continues to surge, seamless access to charging infrastructure has become an increasingly crucial requirement for consumers and businesses transitioning from internal combustion engine vehicles. Beep’s eMobility platform, Voltality, addresses this need by providing connectivity across various charging stations, enabling app-less payments through credit cards and QR codes. Soh emphasized the importance of this development, noting, “Voltality aims to empower both charging operators and mobility providers, allowing them to embed connectivity across different charging stations directly inside their own platforms, with an added option for app-less payments through credit cards and QR codes, so drivers need only one interface to charge wherever they go. From our strong foundation established in Singapore, we found a common need for the same capabilities abroad, and we are now ready to cement our presence in Thailand, Malaysia, and beyond.”
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The recent funding round highlights greater investor confidence, with USD 3.2 million coming from existing investors. This showcases the proven impact of Beep’s Voltality platform in Singapore and its ability to provide seamless, interoperable, and collaborative EV charging across Southeast Asia.
Jason Su, Managing Partner & Chief Investment Officer of FVC, remarked, “The team at FVC is honoured to have journeyed with Beep in different capacities for the past six years and is proud to now be investing in Beep through the FVC Green Future Fund together with other investors.”
Yasmin Mustafa, M7’s Senior Advisor in Singapore, added, “We are glad to support Beep as they pioneer the future of EV charging gateways. Beep is a great example of why we feel Singapore startups are leaders in innovation. M7 is excited about the opportunity to partner with Beep and other Singapore startups moving forward.”
Expansion into Malaysia and Thailand
The demand for EVs in Southeast Asia is massive, with total EV sales in the region experiencing an 894 percent year-on-year growth. The first phase of Beep’s regional expansion focuses on extending Voltality’s charging network in Thailand and Malaysia. Voltality’s platform is now live with its first partners in Malaysia and will launch in Thailand in Q3 2024.
In Thailand, Beep has secured contracts with Sharge, Evolt, WHA Group, and EVme, enabling connectivity for several thousand vehicles to over 1,600 charge points. In Malaysia, Beep has partnered with Sime Darby Berhad subsidiary, KINETA, and other local charging operators. These partnerships will enhance EV charging and roaming innovation, supported by Beep’s “KINETA Charge” application.
Voltality has also secured contracts with mobility partners to enable local and cross-border charging connectivity within the second half of 2024. Beep’s recognition in Malaysia was further cemented by winning the Petronas FutureTech 3.0 accelerator programme in 2023.
Beep is exploring expansion into other regional markets such as Indonesia and Vietnam for its second phase in 2025. To navigate this continued regional expansion, Ming Maa, ex-Grab Group President, will join Beep as an advisor, bringing significant operational expertise in market development and partnerships within Southeast Asia’s complex landscape.
On A Strong Growth Trajectory
In 2023, Beep launched the largest electric vehicle roaming network under Voltality, spanning over 1,350 charge points and 11 operators in Singapore. This network has continued to grow, with a recent MOU signed in July 2024 with ChargEco, a rapidly growing Singaporean Charge Point Operator (CPO). This expansion brings Voltality’s total charging network to over 5,000 charging stations, maintaining its eRoaming service (VoltNet) as the largest permission-based eRoaming network in the region.
Regional and international giants recognize the value of a multi-national interoperable network across Southeast Asia. Voltality recently signed an MOU with Grab to increase the number of charging operators onboarded onto the network and support an integrated charging platform for its driver-partners in the region. An initial closed-door pilot has started with select driver-partners in Singapore.
On the consumer front, Voltality signed an MOU with Huawei Consumer Cloud Service to improve data on charging station locations when using Huawei’s Petal Maps and ‘Huawei Mobile Services (HMS) for Car’ across Southeast Asia. This will provide EV drivers with a more accurate “smart” journey planner based on their EV’s battery life.
Beep has also been selected as a participant in UOB FinLab’s regional GreenTech Accelerator Programme 2024, which will be instrumental in building meaningful connections in its target markets. Through the programme, Beep can leverage UOB FinLab’s vast network of industry leaders, government, and businesses across five markets in ASEAN, including Malaysia, Thailand, Indonesia, and Vietnam.
About Beep
Beep is a pioneering IoT transaction platform provider dedicated to enabling a borderless, interoperable charging experience for businesses and drivers. Through its innovative Voltality platform, Beep aims to establish an integrated ecosystem of charging stations, payment services, and vehicles, revolutionizing the EV industry.
Founded in 2018, Beep initially focused on revolutionizing the traditional vending machine industry by facilitating cashless transactions through its cutting-edge IoT platform. During the pandemic, Beep collaborated with the Singapore Government to power nationwide distributions, showcasing its technological prowess. In 2021, Beep launched Voltality, an eMobility platform designed to create seamless charging experiences for businesses and drivers.
Beep has made significant strides toward realizing its vision of an integrated ecosystem. In June 2022, it launched the region’s first eRoaming pilot with five operators. Within a year, Beep successfully rolled out Southeast Asia’s largest electric vehicle roaming (eRoaming) network, spanning over 1,350 charge points with 11 operators in Singapore. As of 2024, Beep’s network has expanded to over 5,000 charging stations across Southeast Asia.
About Voltality
In Southeast Asia today, charging operators use various charging management systems, hardware, apps, and payment methods to manage their respective EV charging services. This fragmentation complicates collaboration between mobility partners and charging operators as their apps are not on a shared platform.
Voltality’s VoltNet platform addresses this challenge by acting as a “Google Translate” for charging operators. It integrates with each operator’s charging management system according to their preferred connectivity approach (like different “languages”) and interprets it into a standardized output. This allows mobility partners to communicate with multiple charging networks using a single common “language.”
This approach enables charging businesses to continue using their existing apps or interfaces, while end customers, such as car-sharing operators and commercial vehicle leasing firms, can charge their EVs and make payments without needing to download multiple apps and sync different payment methods.
About Kineta
KINETA, meaning “full of energy,” is a leading provider of EV charging solutions in Malaysia. We are a dedicated and qualified team committed to ensuring safe and compliant EV charger installations for homes and businesses. KINETA is part of Sime Darby’s comprehensive end-to-end solution for the EV market, offering a complete package from supplying and installing EV chargers to providing ongoing support and services. Our commitment to technical excellence ensures continued trust from our customers, including current and future EV owners and EV infrastructure owners.
Our Vision is to lead the EV charging solutions market in all the regions we serve and contribute to a greener planet. Our Mission is to deliver the best possible customer experience through exceptional service, streamlined processes, and innovative systems.
For more information about us, please visit www.kinetacharge.com.
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