Raising funds via the SeedInvest equity cloud funding platform, CeramicSpeed has opened up an opportunity for investment in its Driven drive chain system.
Billed as ‘a revolutionary and disruptive bicycle drive system’, Driven was originally unveiled by CeramicSpeed at Eurobike in the summer of 2018. The drive system eliminates the need for both front and rear derailleurs as well as the chain.
It was an interesting development from a company that sells chains and pulley wheels!
CeramicSpeed’s Driven was a development project that originated from a desire to pursue a 99% efficient drivetrain. Since its unveiling to the world, the product road map has focused on two key characteristics – rideability and shiftability.
Having been refined in the lab, wind tunnel and on the track, CeramicSpeed formed a spin-out entity Driven Technologies Inc. Going forwards, this entity will be the ‘driving force’ for the Driven drive chain concept. Driven Technologies holds all patents and intellectual property for the system – with the company also utilising CeramicSpeed’s manufacturing and distribution expertise.
Driven notes that drive chains account for US$2 billion of the US$55 billion global bicycle market. Capturing a 2% share of the drive chain market would result in US$100 million in annual revenue for Driven Technologies.
In 2019, at Eurobike, CeramicSpeed presented three Driven bikes; the Venge, the Lux and the Hero. The company noted:
- The Hero was the first shiftable version of Driven, and the result of years of hard work.
- The Venge acted as the proof that Driven was the most aerodynamic drivetrain the world had ever seen.
- And the Lux was our response to the claims that Driven could never work on a full-suspension bike.
The Driven equity raise on SeedInvest has a valuation cap of US$3,300,000 – with a funding round sized at US$1,000,000.
With a minimum investment of US$1,000, at the time of writing a total of US$588,200 has been raised. The target minimum via SeedInvest is US$300,000.
Funds raised will be used on product development, as well as sales & marketing, general & administrative expenses and manufacturing.
