SpeedX is making big plans for the future, after securing $22m of extra funding. The Chinese bike brand will use the money to ramp up its research and development program and expand its production capabilities. It also plans to sponsor a WorldTour team by 2019.
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SpeedX says that this cash injection will help it ensure customers get the “best end product available, and with reduced delivery times”. There’s a new road bike called the SpeedX Unicorn coming in 2017, which SpeedX says will include numerous cutting edge technologies and components.
The extra $22m funds have come from two unnamed figures in the banking industry, and SpeedX says that it’s also aiming to start sponsoring pro teams in future. We’re told it aims to sponsor a Pro Continental team in 2018, then move up to a WorldTour team in 2019.
“Going from startup to manufacturing has been a fascinating and exciting journey,” said Raggy Lau, head of marketing at SpeedX. “We have worked hard to deliver what we promised and have taken all feedback on board so we can continue to provide customers with the best, most advanced product moving forwards.”
The first SpeedX bikes went on sale earlier this year, after raising more than $2m on Kickstarter in one of the most successful crowdfunding campaigns ever seen. The SpeedX Leopard is an aero road bike with a carbon frame and integrated electronics including cadence sensor, GPS and lights. You can read our review of the SpeedX Leopard for more.
We’ll be getting a look at the SpeedX Unicorn very soon, and will report back with our thoughts.