YunMake Technology, a Chinese smart electric bicycle startup has raised Series A round of funding led by Shunwei Capital co-founded by Xiaomi’s CEO Lei Jun along with prevailing investors that includes Foxconn, Qualcomm, ZhenFund, Ricebank and Yinxinggu Capital. The exact amount has not been disclosed but the fund raised is said to be worth ‘tens of millions of RMB’ which would equal to $1.6 million.
Founded in 2013 by Zhejiang University alumni, YunMake is a Chinese design-driven hardware startup. The startup debut product Yunbike which bagged Red Dot Design Best of the Best Award, is a sleek foldable electric bike weighing as less as 16kg. Powered by 36v, 6.6AH battery, Yunbike takes four hours to charge fully and supports a maximum mileage of 30km. It has an LED display with which riders can monitor their speed. The startup currently functions with a team of thirty.
With the new funds, the Hangzhou-based smart bike maker plans to invest in mass production, implement better marketing strategies and develop new other products.
Xiaomi’s representative declined to comment on latest interest on YunMake. However, the interest in notable as Xiaomi is busy building a hardware ecosystem that tries to move further than smartphones. Though Xiaomi has not launched any vehicles till date, reports suggest that it is working to add electric bikes and smart cars to its growing list of consumer hardware.