Xiaomi’s $3,000 smart bike begins crowdfunding, smashes past goals

Last week, we got our first peek at Xiaomi’s smart bike – or rather the Xiaomi-branded smart bike developed by startup iRiding – and its sky-high price tag. But the bike, which is called the QiCycle R1, has just begun a crowdfunding campaign on Xiaomi’s site, and it looks like there’s real interest in the pricey ride.

Within hours, the crowdfunding campaign blew past its stated goal – but to be fair, that goal was really small. Xiaomi apparently was targeting just 50 sales of the expensive bicycle, and as of this writing it has sold just over 110. According to its site, the campaign has thus far raised about US$341,000 for bikes that will begin shipping in early May. There are still two weeks left in the campaign, so it’s likely that the final sales figure will be considerably higher. (Note, also, that during the campaign people can also cancel their orders, so the total sales figure can go up or down over time).

Even if you’re not interested in splurging on the high-end bike, though, Xiaomi’s crowdfunding page has also revealed a lot of details about the previously mysterious project. The bike is a surprisingly lightweight 15 pounds, but has rated comparably to high-end bicycle brands like Cannondale, Specialized, and Giant in EFBe stress tests. It features Shimano Ultegra Di2 electronic shifters, and high-heat resistant brakes.

But what you’re probably interested in are the smart features. For data tracking, the QiCycle sports a power meter that it says is comparable to Garmin’s very expensive Vector meters so that you can keep precise track of exactly how hard you’re working. That syncs up to Xiaomi’s fully-featured app, which does everything from tracking your speed and location to monitoring the power levels in your electronic shifter.

If you’re a hardcore gearhead who reads some Chinese, you can check out all of the detailed technical specs on Xiaomi’s crowdfunding page. Most of us – myself included – probably don’t have the expertise to assess a $3,000 smart bike, let alone the money to afford one, but it will be interesting to see how many cycling enthusiasts are willing to buy into the QiCycle’s promise before the finished version has been out in the world a little while for testing.