Subject category:
Entrepreneurship
Published by:
Singapore Management University
Version: 2025-03-21
Length: 17 pages
Data source: Field research
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Abstract
In January 2025, Tommy Phun, founder of maritime start-up Pyxis, reflected on the start-up's remarkable progress over the past three years. Headquartered in Singapore, Pyxis had raised SGD4.5 million (USD3.4 million) in seed funding in 2024, bringing its total funding to SGD6 million (USD4.5 million). With the financial backing, Pyxis could advance its mission of supporting maritime companies' transition to electric and decarbonised fleets, thereby aligning with the Maritime and Port Authority of Singapore's mandate for new harbour craft to be fully electric or capable of using net-zero fuels by 2030. Drawing from his experience managing his family business, Eng Hup Shipping, Phun founded Pyxis in 2022, focusing on addressing the maritime industry's challenges. Pyxis' key offerings comprised three business verticals: Electric vessels, Energy (ie, charging infrastructure), and Electra, a digitalised shipboard management system. In March 2024, Pyxis launched X Tron, its first electric passenger transfer vessel designed to reduce carbon emissions and enhance fuel efficiency. On Pyxis' vessels, Electra provided real-time shipboard data to enable better decision-making on fuel usage, route planning, and preventive maintenance. Pyxis Energy participated in a pilot trial the following month by providing a vessel charger at Marina South Pier. Strategic partnerships were crucial to Pyxis' growth. Collaborations with industry leaders like Mitsui O.S.K. Lines, a global shipping company based in Japan, and SP Mobility, the national grid provider in Singapore, facilitated regional expansion and strengthened its market position. Looking ahead, Phun envisioned Pyxis as the market leader in maritime coastal electrification in Asia Pacific by 2030. How could this promising start-up, recipient of the 2024 Emerging Enterprise Sustainability Award, sail full steam ahead to sustain rapid growth while balancing financial, operational, and regulatory challenges?
Time period
The events covered by this case took place in 2024.Geographical setting
Country:
Singapore
Subject category:
Entrepreneurship
Published by:
Singapore Management University
Version: 2025-03-21
Length: 12 pages
Data source: Field research
About
Abstract
In January 2025, Tommy Phun, founder of maritime start-up Pyxis, reflected on the start-up's remarkable progress over the past three years. Headquartered in Singapore, Pyxis had raised SGD4.5 million (USD3.4 million) in seed funding in 2024, bringing its total funding to SGD6 million (USD4.5 million). With the financial backing, Pyxis could advance its mission of supporting maritime companies' transition to electric and decarbonised fleets, thereby aligning with the Maritime and Port Authority of Singapore's mandate for new harbour craft to be fully electric or capable of using net-zero fuels by 2030. Drawing from his experience managing his family business, Eng Hup Shipping, Phun founded Pyxis in 2022, focusing on addressing the maritime industry's challenges. Pyxis' key offerings comprised three business verticals: Electric vessels, Energy (ie, charging infrastructure), and Electra, a digitalised shipboard management system. In March 2024, Pyxis launched X Tron, its first electric passenger transfer vessel designed to reduce carbon emissions and enhance fuel efficiency. On Pyxis' vessels, Electra provided real-time shipboard data to enable better decision-making on fuel usage, route planning, and preventive maintenance. Pyxis Energy participated in a pilot trial the following month by providing a vessel charger at Marina South Pier. Strategic partnerships were crucial to Pyxis' growth. Collaborations with industry leaders like Mitsui O.S.K. Lines, a global shipping company based in Japan, and SP Mobility, the national grid provider in Singapore, facilitated regional expansion and strengthened its market position. Looking ahead, Phun envisioned Pyxis as the market leader in maritime coastal electrification in Asia Pacific by 2030. How could this promising start-up, recipient of the 2024 Emerging Enterprise Sustainability Award, sail full steam ahead to sustain rapid growth while balancing financial, operational, and regulatory challenges?
Settings
Time period
The events covered by this case took place in 2024.Geographical setting
Country:
Singapore
Related
Subject category:
Entrepreneurship
Published by:
Singapore Management University
Version: 2025-03-21
Length: 12 pages
Data source: Field research