Singapore-based smart mobility startup RushOwl has secured US$10 million in Series A funding led by Gobi Partners.
Government-owned Hong Kong Investment Corporation Limited (HKIC) also participated in the round.
RushOwl will use the capital to expand its operations from Singapore, India, and Hong Kong into the Philippines, South Korea, and Malaysia. It also plans to grow its B2B sales team and pursue a strategy of licensing its RushOS software to fleet partners. A new R&D centre in Malaysia is also in the plans.
Founded in 2018 by CEO Shin Ng, CTO Songyan Ho, and COO Kris Lee, RushOwl uses a proprietary AI platform to reduce carbon emissions and commute times for corporations and schools.
At the heart of RushOwl’s service is RushOS, an AI-based dynamic routing algorithm that pools trip requests into shared, carbon-efficient journeys. The company states its technology cuts carbon emissions by 50 per cent through saved mileage and reduces commute times by 30 per cent compared to public transport. One shared journey replaces more than three vehicles.
Also Read: On the sustainability of AI: Why measuring digital carbon emissions is key to a greener future
A key differentiator for RushOS is its focus on being ready for autonomous vehicles, emphasising optimal asset utilisation for a sustainable return on investment.
The company claims to have powered over 1.5 million rides, manages over 4,000 trips daily so far and supports 250,000 users on its mobile app RushTrail.
The startup has secured eight-figure annual contracted revenues through long-term agreements of at least 24 months with key partners, including Asia Pacific Breweries, CBRE, and Singapore’s Ministry of Education.
“One of the most vital elements of smart cities is transportation that is not only affordable, but also sustainable,” said Chibo Tang, Managing Partner of Gobi Partners. “RushOwl addresses urban challenges such as congestion and excess emissions, while preparing for the future by developing technologies compatible with autonomous vehicles.”
In 2021, RushOwl raised ~US$479,000 in a seed financing round led by Silicon Solutions Partners, an investment firm focusing on servicing and accelerating startups in the smart city sector.
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