Daily Markup #534: Laka rings in US$1.5M from Porsche; XING Mobility launches next-gen battery system; Carsome Mobility Lab opens for SEA startups

Credit: Laka

Time for a new ride to shine

  • Car drivers and cyclists often don’t see eye-to-eye, but this time, they do. 500-backed insurtech startup Laka has just scored additional funding of US$1.5M from Porsche Ventures, the venture capital unit of Porsche AG, to protect riders from theft and damage!
  • This follows a US$12M Series A earlier this year led by Autotech Ventures, bringing its total Series A funding to US$13.5M.
  • Where is Laka going next? It will widen its footprint in Europe and expand its product offering to other mobility options such as e-scooters, e-mopeds, and eventually, e-cars!
  • The company will also explore opportunities with the Porsche Ventures portfolio. To start, it will partner with German cycling brand Cyklaer to offer new and existing customers built-in digital insurance products.
  • Tobias Taupitz, Co-founder & CEO of Laka said, “E-mobility is redefining transport globally, and Laka has set out to build the backbone to support the e-mobility segment at a time when net-zero emission has rightly become front of mind for consumers, businesses, and government policy. To support this shift towards a greener future, we have a bold vision to become the world’s largest e-mobility insurance partner.”
  • Congratulations to the Laka Team!
  • Read the full story here.
Credit: iVT International

Cool batteries for every vehicle

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  • Another exciting news in the mobility space, 500-backed Taiwan-based battery solution provider XING Mobility launched the world’s first fully Immersion-Cooled Battery System, the IMMERSIO™ XM25!
  • It’s a next-generation system that’s considered to be the most effective method of battery cooling, allowing battery cells to perform optimally and charge super-fast while remaining extremely lightweight. According to the company, it has been adopted by a leading Asia commercial vehicle maker.
  • And it’s not just for electric cars. The battery system can be used for heavy-duty vehicles in construction such as excavators and tractors, and even in energy storage systems!
  • “This type of immersion technology will become increasingly important for unlocking the full potential of electrified powertrains, powering the global mobility revolution,” said Royce YC Hong, Co-founder & CEO. “We look forward to collaborating with our partners and customers to accelerate the electrification transformation for all business fleets.”
  • Read the full article here.
Credit: Carsome

Speeding up innovation

  • 4 more days until application closes! The Carsome Mobility Lab program is searching for Southeast Asian startups looking to accelerate growth in the auto ecosystem.
  • Here’s a quick refresher: 500-backed integrated car marketplace Carsome and Sunway Innovation Labs (iLabs), the innovation arm of Sunway Group, launched the accelerator 2 months ago, offering one-to-one mentoring, workshops, access to funding, and partnership opportunities with industry leaders.
  • The first-of-its-kind accelerator is a 4-month program for seed to Series A startups across the region disrupting key verticals such as sustainable mobility, blockchain & NFT, artificial intelligence, and machine learning.
  • Selected startups will be invited to run pilots with Carsome and Sunway business units and tap into further funding and investment opportunities. 
  • “The auto ecosystem is ripe for further innovation and disruption. We look forward to teaming up with Sunway to work with startups across Southeast Asia to bring cutting-edge innovation that will benefit the entire auto ecosystem and ultimately add value to the vehicle ownership journey of all consumers,” said Carsome Group Head of Merger & Acquisition and Ecosystem Strategy, Digbijoy Shukla.
  • Interested? Apply here.

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