Cobi, a Frankfurt, Germany-based developer of a connected biking system, completed a $4m financing round.
Backers included Capnamic Ventures, Iris Capital and Creathor Venture as well as previous investors.
The company intends to use the funds for production and establishment of distribution, marketing and customer service.
Led by Andreas Gahlert, founder and managing director, COBI has developed a modular system to digitally upgrade bicycles to smart bikes. The system consists of a mounting on the handlebars, a smartphone with the COBI app installed, head- and taillights as well as a thumb controller. Energy is supplied by its own battery, direct connection to the generator or the battery of an e-bike. It features more than 100 integrated functions such as a navigation system, brake light, anti-theft protection and various online services.