RushOwl, a Singapore-based ride-sharing platform that reduces carbon emissions with its proprietary artificial intelligence (AI)-based technology, has raised $10 million in Series A funding led by Gobi Partners, a pan-Asian venture capital firm.

RushOwl said in a statement on Wednesday that the Hong Kong Investment Corporation Limited (HKIC), the Patient Capital institution wholly owned by the Hong Kong government and dedicated to investing for the future of Hong Kong by advancing new economic growth impetus for Hong Kong including innovation and sustainability, is an investment partner of Gobi for this funding round.

According to the statement, RushOwl now provides on-demand shuttle service in Singapore, India and Hong Kong, where it is actively expanding its business operations to support the city’s smart mobility development.

The firm will use its funding to expand into more markets, including the Philippines, South Korea, and Malaysia.

It also plans to open an research and development (R&D) center in Malaysia.

In addition to market expansion, RushOwl will also use its Series A to grow its business to business (B2B) sales team, securing key partnerships with fleet partners and licensing RushOS to them.

“We saw in both developing and mature cities that when governments want to increase their land usage to include more companies and amenities to benefit people, accessibility continues to be a big problem because they cannot immediately create a public transport offering without spending billions of dollars,

“The idea of creating a free-flowing public transportation system appealed to us,” said Shin Ng, Chief Executive Officer of Rushowl.

Founded in 2018 by Shin Ng, Chief Executive Officer (CEO), Songyan Ho, Chief Technology Officer (CTO), and Kris Lee, Chief Operating Officer (COO), RushOwl partners with organizations, including corporates and schools.

To date, the platform has powered more than 1.5 million rides and manages over 4,000 trips daily.

RushOwl’s core technology is its AI-based dynamic routing algorithm, called RushOS, which pools trip requests together for shared, carbon-efficient journeys.

One key differentiator between RushOS and other mobility providers’ algorithms is RushOwl’s focus on readying its fleet software for autonomous vehicles, with a focus on optimal asset utilization for sustainable return of investment (ROI).

RushTrail, the platform’s mobile app, currently supports 250,000 users – mainly staff and students – who experience 30% shorter commutes compared to public transport.

RushOwl also lowers carbon emissions by 50 percent through saved mileage, with each shared journey replacing more than three vehicles.

The firm’s key partners include Asia Pacific Breweries, CBRE, and Singapore’s Ministry of Education.

The company has secured eight-figure annual contracted revenues through long-term agreements of at least 24 months.

By offering a dynamic, data-driven alternative to traditional fixed-fleet shuttle providers, RushOwl enables clients to reduce costs and emissions.

Gobi Partners invested through three of its managed funds across Hong Kong and Malaysia, reinforcing the cross-border potential of RushOwl’s growth strategy.

“The HKIC adopts an ‘investment+’ approach and invest in opportunities that not only generate financial return but also create or support long-term themes that could be Hong Kong’s future economic growth drivers,

“Our investment in RushOwl embodies this approach — supporting a company whose smart mobility solutions address urban and sustainability challenges that are highly relevant to Hong Kong and other major cities,” said Clara Chan, Chief Executive Officer of the HKIC.

“This is a very important trend to capture. We are pleased to partner with RushOwl and will support its continued expansion to Hong Kong and across Asia,

“This is a vivid case showcasing Hong Kong’s role in contributing to regional economic and social developments by way of investing,” she added.

Chibo Tang, Managing Partner of Gobi Partners said that one of the most vital elements of smart cities is transportation that is not only affordable, but also sustainable.

“RushOwl addresses urban challenges such as congestion and excess emissions, while preparing for the future by developing technologies compatible with autonomous vehicles,

“We are excited to work with RushOwl as they make cities across Asia more accessible to everybody who lives in them,” he added.

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