Spin will use funding round to grow supply chain, improve hardware and assemble technical team
US bikeshare company, Spin has raised $8m in venture funding to help realise its aim of building one of the largest “dockless” bikeshare fleets in the world.
The Series A round was led by venture capital firm Grishin Robotics with participation from Exponent and CRCM along with Quora co-founder Charlie Cheever and Dropbox investor Matt Brezina.
Spin will use the funding to accelerate hiring and expand deployment of its Chinese-style stationless bikeshare programme across several US cities.
“Spin makes navigating around cities smarter, better and more equitable for everyone,” said Derrick Ko, co-founder and CEO of Spin.
“Our smart stationless bikeshare system acts as a natural complement to rideshare systems, and won’t cost cities a penny. We are thrilled to join Grishin’s portfolio, and look forward to rolling out our stationless bikeshare across several American urban centres in a meaningful way.”
Unlike traditional bikeshare systems, Spin’s technology requires no fixed or specialised racks and allows bikes to be parked anywhere that is legal and responsible.
The orange-coloured smart-bikes are located via the Spin app and unlocked and taken for a ride by scanning a QR code. Designed in California, the bikes are equipped with GPS, cellular connectivity, solar panels, and solid tyres that are designed for durability. Rides cost $1 each time.
“Technology and hardware will play a big part in improving last mile transportation in the face of urbanisation,” said Dmitry Grishin, founding partner, Grishin Robotics. “We’re impressed with Spin’s approach of tackling this with stationless bikeshare, and the team’s vision of building networks of connected last-mile vehicles.”
Spin plans to build one of the largest mobile IoT and urban transportation infrastructure deployments in the world. “We’ll use this round to grow our supply chain, improve our hardware, and assemble a talented technical team to track and manage our bikeshare fleet at scale,” added Zaizhuang Cheng, CTO and co-founder, Spin.
Spin also runs the Spin Cities Project, an initiative to fund smart urban infrastructure, bike safety and awareness programmes, and provide cycling data to communities. The project’s first initiative is to fund bike safety in Seattle, where Spin plans to launch this summer. In addition to an initial investment, Spin will contribute a portion of ride revenue to continually fund the project.
Founded in 2012, Grishin Robotics is focuses exclusively on hardware and robotics companies. The firm’s investments include Ring, Zipline, eero and Starship and is located in Menlo Park, California
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