Chinese smart bike startup Basic Conception closes series A round

Baidu isn’t the only Chinese tech company that’s working on a smart bike. And recently, a Shanghai-based startup called Basic Conception got a big boost when it closed a series A round of fundraising worth “several million” US dollars, according to iHeiMa. The round was led by Beijing-based early-stage venture capital firm Ceyuan.

Basic Conception is working on a simple smart bike that the company says it hopes will be able to “grow with you” and “understand you.” Exactly what that looks like isn’t clear as the product hasn’t yet hit the market, but the basic principle is the same as other smart bicycles: it’s a bike that tracks various sorts of data as you ride and then syncs with a phone app to enhance your riding experience.

See: Here’s a first glimpse of Baidu’s smart bike

At present, Basic Conception’s team includes just five people (six if you count the cat), so with an influx of several million dollars, a bit of expansion is likely on the cards. We’ve contacted the company for comment and will update if we can get more information on what it plans to do with the money.

(Source: iHeiMa)