Superpedestrian is accelerating its growth, all while helping cycling enthusiasts accelerate up hills. The Cambridge-based creator of the Copenhagen Wheel announced Friday it has raised $4 million in fresh funding, which will be used to fuel the production of the Wheel, as well as the expansion of its team of engineers, manufacturing specialists, designers and software developers.
The round was led by Spark Capital, the VC also behind the company's $2.1 million Series A raised in October 2013. General Catalyst also participated in Superpedestrian's Series B, alongside Oscar-winning actor Jared Leto and former Akamai CEO Paul Sagan.
Superpedestrian spun out of the MIT SENSEable City Lab, where it was initially developed as a research project sponsored by the mayor of Copenhagen, Denmark. The Copenhagen Wheel is a self-contained unit that includes a motor, batteries, multiple sensors and an embedded control system. It's able to transform any bicycle into a smart electric hybrid, multiplying cyclists' pedal power three to 10 times over.
The startup acquired an exclusive license to the technology from MIT, and has been working on commercializing the Wheel, which consumers can now pre-order.
"Superpedestrian is solving complex problems with remarkable simplicity,” said General Catalyst Managing Director David Fialkow in a statement. “Superpedestrian has introduced a powerful design that has the potential to transform the way we move around.”
Although the Wheel is "an intricate electromechanical device," as pointed out by Fialkow, to use it, cyclists can ride their bikes as they normally would — receiving insightful data in the process.
The funding announcement was made in conjunction with Superpedestrian winning a Red Dot Design Award. The startup was named the "Best of the Best" in the mobility category; the jury also selected the Copenhagen Wheel as the winner of the "Red Dot: Luminary" — the highest distinction granted as part of the international design competition.
“Consumers today are looking for alternative means of transportation," said Spark Capital Co-founder and General Partner Santo Politi in a statement, "and it takes companies like Superpedestrian that combine a stellar team, creative design and world-class engineering to create unique solutions that are fun, personalized and efficient."
To date, Superpedestrian has raised $6.2 million in funding.
Image via Superpedestrian
