Brussels-based electric bike startup Cowboy has announced the launch of its new feature called “AdaptivePower”, which automatically adjusts the power of the motor depending on the current slope and weather conditions. The company’s electric bikes have a minimalistic approach with no gears or +/- buttons to adjust the motor’s power, which is not enough in hilly cities like San Francisco. Instead of releasing a new bike with gears or buttons, Cowboy is leveraging the sensors in the existing models, such as the gyroscope and accelerometer, to make the bikes smarter. The new feature will be rolled out to the latest models, the C4 and C4ST, via an over-the-air software update.
Cowboy co-founder and CEO Adrien Roose said in a statement, “2022 has been our best year ever with €41 million in revenue and sales growing by 2.7x year over year”, adding that the company has sold 50,000 bikes since 2018. The company also announced the release of some new colors for the C4ST.
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In terms of funding, Cowboy recently raised a new round of investment, although the amount has not been disclosed. The company had announced an $80 million funding round in January 2022, but Cowboy co-founder and CTO Tanguy Goretti said in a LinkedIn post that the recent funding round was a down round, with the company’s total valuation down by 44% compared to the previous funding round. However, existing investors chose to invest more money in the company, which should improve the company’s runway before the peak season of Cowboy sales between March and October.
