China smart bike maker Tsinova raises $23m

Tsinova was co-founded by an ex-Infiniti employee and a Tsinghua University alumni. Its e-bikes have incorporated Tsinova's self-developed power system, which can identify road conditions, automatically judge riding intentions and output different assisting powers against head-winds and other road situations.

Meanwhile, users can use Tsinova's mobile app to adjust the bike's power assist mode and control its security system, as well as to read its battery level and other information.

The company now sells products in more than 100 Chinese cities and plans to expand into Japan and Europe, it told 36kr. The new funds will be also used to develop new technology and diversified products. 

Tsinghua Holdings is responsible for managing the majority of Tsinghua University's commercial assets. It owns and funds different investment subsidaries including Tsinghua Unigroup. 

Formerly known as TusPark Ventures, THG focuses on investing in early and growth stage technology startups. Since 1999, it has invested in 88 companies and recorded 20 exits through IPOs and trade sales.

Last year 700Bike, another Chinese smart bicycle manufacturer, raised a $15 million Series A round from Banyan Capital, China Growth Capital and IDG Capital Partners.

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• Topics
• Greater China
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• Early-stage
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• China
• TMT