Priced over 20,000 yuan and targeting the European market, a high-end E-bike manufacturer in Shenzhen secures 50 million yuan in early-stage financing | Exclusive from Yingke
Text by | Hu Yiting
Edited by | Yuan Silai
Yingke learned that recently, the electric-assisted bicycle manufacturer Tezeus received 50 million yuan in Pre-A round financing, led by Wuxi Huishan Science and Technology Innovation, with industrial investor Inpes (002899.SZ) and old shareholder Haiyi Investment following the investment. The funds from this round will be used for product R & D, production, and market expansion.
Tezeus was founded in 2022, and its core product is the electric-assisted bicycle (E-bike). In December 2023, Tezeus launched the finished product Tezeus C8. After multiple updates and iterations, it was officially launched in the European market last October, and thousands of units have been shipped so far.
In terms of products, Tezeus independently develops core components such as the mid-drive motor and electronic control for E-bikes, and independently develops the E-bike in-vehicle system, IoT management background, and mobile APP. The fully self-developed motor built into the flagship product C8 will launch a new version this year. Its weight can be reduced to 1.8 kilograms, and the maximum torque can be increased to 85NM, providing users with a better riding experience.
In addition, to meet the riding scenario needs of different users and improve battery life, Tezeus combines artificial intelligence for the local deployment of AI models, formulates personalized assistance for different users, and improves battery life through AI energy consumption management.
Guo Dongsheng, the founder of Tezeus, introduced that the C8 is equipped with an intelligent in-vehicle system developed based on Linux on the handlebar. By collecting data such as the user's pedaling force, cadence, road gradient, and target speed after data desensitization, and after training and learning through the AI model, we develop an assistance model more suitable for the user's intention and push it to the vehicle for update through OTA. Finally, it can dynamically adjust the motor assistance according to information such as the torque and gradient generated by the user during the riding process, reduce power consumption, and improve battery life and riding efficiency.
At the same time, with the help of AI, Tezeus adjusts the energy consumption of E-bikes. The energy consumption management system of the C8 can predict the energy consumption of the riding distance and manage the battery life according to the user's riding road environment and the different assistance provided for the user's personalization, which is different from the fixed mileage calculation method.
Intelligent in-vehicle system module, image source: the enterprise
In terms of production, currently, Tezeus independently develops and produces core mid-drive motors, BMS, batteries, radar modules, and intelligent in-vehicle system modules, and only hands over the vehicle assembly to the contract manufacturer. This year, Tezeus will establish a production base for E-bike core components in the Advanced Manufacturing Industrial Park in Wuxi. After the project is fully completed, the annual production capacity is expected to reach 60,000 units.
Wuxi Advanced Manufacturing Industrial Park, image source: the enterprise
Currently, Tezeus has launched an independent website. The carbon fiber C8 series currently has two versions, a three-speed version and a single-speed version. In addition to positioning in the mid - to high - end market, the price of the speed - change version exceeds 3,000 euros.
Guo Dongsheng told Yingke that according to the current sales data, although the speed - change version is a few hundred euros more expensive, more users choose this version. In the future product planning of the C8, we will no longer produce single - speed vehicles.
In terms of market selection, the E - bikes produced by Tezeus are mainly exported to the European market. Online sales are mainly through the independent website, and offline, 35 physical stores have been established in Germany, the Netherlands, Belgium, Austria, Italy, Hungary and other places. The top two countries account for more than half of its sales. This year, it will expand the number of offline stores to 100.
Offline, to ensure a good shopping and after - sales experience for customers, Tezeus adopts a quasi - direct sales model. It cooperates directly with the stores and requires the terminal retail price to be consistent with that of the independent website. In terms of after - sales service, the offline stores will be responsible for providing after - sales and maintenance services for all E - bikes sold offline and online.
This year, Tezeus will also launch two new products and enter the US market. It will launch a women's E - bike with an aluminum alloy body, which has basically the same functions as the C8 series except for the speed - change devices. The carbon fiber folding E - bike will also be launched this year and will be available in the US market in May.
Investors' views:
Zhang Xuejun, the chairman of Huishan Science and Technology Innovation, said: Tezeus is a technology - driven intelligent terminal enterprise. Its self - developed mid - drive motor, electronic control technology, and in - vehicle software - hardware integration capabilities have achieved the product's self - controllability and continuous optimization ability. At the same time, relying on its "technology + manufacturing" capabilities, Tezeus has established an online and offline combined sales channel and brand image overseas, realizing the "going global" of Chinese brands and cultivating new consumption growth points and new sources of foreign trade momentum.