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Smart bike backed by Innovation Works set for unveiling

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Smart bicycle solutions provider SpeedX will release its first smart bicycle in Beijing on Thursday.

Last Friday, this Beijing-based company, once known as Beast Bike, landed RMB 30 million (USD 4.6 million) in Series A+ financing from Xindongjinding Fund. The company also received an angel investment of USD one million from ZhenFund in February 2015 and RMB 50 million in Series A funding led by Innovation Works in July 2015.

Founded in January 2015, SpeedX focuses on smart bike manufacturing with motion-sensing hardware. The company has already launched products including a cycling app and SpeedForce, a smart device designed for racing bicycles. SpeedForce makes a bicycle smart by automatically analyzing riding data, providing GPS tracking and connecting cyclists to an online user community.

The mobile app, SpeedX Cycling, is also a GPS ride tracker that connects an online community of cyclists who use the app for sharing achievements, forming clubs and recommending riding routes. The app also provides data support and coaching advice. The company claims to have attracted five million active users who have cumulatively recorded eight million kilometers cycled in six months.

The company’s competitor, 700Bike, has already released four bicycle models. In March 2015, 700Bike raised USD 15 million in series A funding from Banyan Capital, China Growth Capital and IDG Capital Partners.

The two companies are targeting slightly different demographics. Li Gang, CEO of SpeedX, said that 700Bike has a vision to be a fashionable brand for cyclists whereas SpeedX is eyeing people who are pro riders and serious cyclists.

“We also want to produce accessories that can inspire cyclists to ride faster and stronger. Never stop cycling,” Li wrote in an article.

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