SpeedX secures $22 million in funding to expand production

SpeedX has announced that it has secured $22 million in funding from investors to both expand its production and reduce lead times.

It was only March that SpeedX wrapped up a hugely successful Kickstarter campaign, allowing the firm to launch a high-tech ‘smart’ road bike design and launch the manufacturing process.

Since then, the firm has gone on to sell initially via Indiegogo and then directly at Speedx.com. The firm has been required to quickly build both sales and production teams, as well as develop its high-tech shipping facilities to fulfil demand.

The second round of investment has in part gone into developing a new road bike, dubbed the Unicorn and set to be on display at the CES consumer electronics show on January 3rd in Las Vegas.

Raggy Lau, SpeedX Head of Marketing said of the journey to now: “Going from startup to manufacturing has been a fascinating and exciting journey, we have worked hard to deliver what we promised and have taken all feedback on board so we can continue to provide customers with the best, most advanced product moving forwards.”

SpeedX has its own app too, dubbed SpeedX Cycling. This provides data recording, a virtual coach, riding community and other functions. It has been active for six months, and has already accumulated more than 1 million active users, claiming the spot of world’s fastest growing cycling app.

Meanwehile, SpeedX’s Leopard lays claim to being the only smart aero road bike with the ability to help you train and track your progress in real time. Launched in March 2016 on the crowdfunding platform Kickstarter, the Leopard raised more than $2 million USD.