Okxe, a Vietnam-based platform for trading used motorbikes, powered by AI and Big Data, has successfully raised KRW20 billion (approximately $14.5 million) in its Series A funding round.

The round included participation from Kwangju Bank (South Korea) and existing investors such as JB Financial Group and The Invention Lab, according to DealStreetAsia.

Okxe stated that the new capital will be used to expand its company-managed store network in Vietnam’s two major cities, Hanoi and Ho Chi Minh City. Additionally, the startup plans to launch data-driven maintenance services and develop AI models to support financial services like motorbike loans and insurance.

Headquartered in Vietnam—home to the highest motorbike ownership rate in the world—Okxe aims to become Southeast Asia’s leading platform for used motorbike trading.

Founded in 2018 by Wooseok Kim, the app has now surpassed 8.2 million downloads, connected with over 2,130 dealerships, and boasts around 1.5 million active users.

In 2020, the company raised $5.5 million. Last year, Okxe also partnered with VinFast to distribute electric motorbikes through a hybrid online-offline sales model.