China-based electric bike maker Yunmake has raised an undisclosed amount in a series A round featuring contract manufacturer Foxconn and wireless technology producer Qualcomm, according to Technode.
The round was sized at tens of millions of renminbi (RMB 10 = $1.6m) and was led by venture capital fund Shunwei Capital Partners. ZhenFund, Ricebank, Yinxinggu Capital and a range of unnamed investors also took part.
Founded in 2013, Yunmake has developed a folding electric bike that can travel 30km at a speed of up to 40km per hour on a four-hour charge. The bike also captures metrics that users can access through a dedicated app on their smartphone.
The series A funding will enable the company to begin mass production for its bike and support its marketing efforts. Yunmake will also use some of the cash to develop additional products.
Shunwei and Ricebank reportedly also provided an undisclosed amount of seed funding for Yunmake in 2014.
– Photo courtesy of Yunmake