Beijing-based smart bike-riding brand SpeedX announced its entry into the bicycle-sharing sector. Gang Li, CEO of SpeedX, said an independent brand Bluegogo would be created to help the company expand the market and a series of activities are being planned. Meanwhile, SpeedX revealed it has raised RMB 150 million in its series B round.
The company has its own factory, and has established strategic relationships with suppliers. Bluegogo plans to expand rapidly and enter a new city as a new market every two weeks, starting with Shenzhen.
SpeedX has been researching and making bicycle for more than 20 years. The company received more than USD 1 million of angel investment from Xiaoping Xu, founder of ZhenFund. It has also completed its series A round raising over RMB 80 million from investors including Sinovation Ventures.
SpeedX launched an App last year to build a bike-riding community. Later the same year, it launched a smart cartridge headset. In March this year, the company unveiled a bicycle it has manufactured completely, and the company is continuing in the niche market of cycling. (Translated by Claire)
