Brussels-based startup Cowboy has been in the news recently for its cash burn rate. But the company wants to control the narrative again with product and business news. Cowboy is launching a new feature called “AdaptivePower” that automatically adjusts the power of the motors depending on the current incline and weather conditions.
Cowboy e-bikes are pretty simple. No gears, no + and – buttons to adjust the motor output. The company believes that riding a bike should be as easy as jumping into the saddle and putting your feet on the pedals.
However, that minimalistic approach has some drawbacks. The default power mode works fine in most cities, but in hilly cities like San Francisco it’s not good enough.
Instead of releasing a new bike with gears and buttons, the company is leveraging sensors from the existing Cowboy lineup, such as gyroscopes and accelerometers. It used to be, but you can take advantage of it to make your bike smarter. Based on current torque, speed, and other factors, Cowboy automatically increases or decreases electric motor power.
This feature rolls out to Cowboy’s latest models released a few years ago: the C4 and its step-through version, the C4ST. This will be an over-the-air software update. Once the update is installed, you will be able to choose between “Adaptive” and “Eco” options in the Motor Power Settings mobile app.
In other product news, the company is also releasing some new colors for the C4ST, as you can see in the image at the bottom of this article.
New funding round at lower valuation
In January 2022, Cowboy announced an $80 million funding round. He’s been a little over a year since then, and the company has raised more money. However, it did not disclose the amount of this new funding round.
Of course, things have changed dramatically for tech startups. VC firms are not deploying capital rapidly, and startup founders can struggle with their next funding round. For a hardware company like Cowboy, supply chain problems and inflation also impacted the company’s profit margins.
A few weeks ago, Cowboy co-founder and CTO Tanguy Goretti said in a scathing LinkedIn post that the company was “in the process of closing a €15 million round” ($15.8 million at today’s exchange rate). ). From what I’ve heard, Cowboy ended up raising a little less than that, but the equity he plans to round up that round for the crowdfunding portion.
He also added in a LinkedIn post that this recent funding round is a down round. The company’s total valuation is down 44% compared to its last funding round. In other words, it’s been a long and windy road for Cowboy, and the past few months have been more difficult than expected.
However, the startup’s existing investors chose to invest more money into the company. This should improve the company’s runway just before Cowboy’s peak sales season (March to his October). After some logistical issues a year or two ago, Cowboy’s margins are back where they should be.
AdaptivePower allows Cowboy to think about other potential vehicles as well. For example, this feature works especially well on cargo bikes. But for now, we have nothing to announce on this front.
“2022 will be our best year yet, with revenues reaching €41 million and a 2.7x year-on-year increase in sales,” co-founder and CEO Adrien Roose said in a statement. increase. Cowboy has sold 50,000 units since 2018. 2022 wasn’t too bad as the company told me he was able to sell 20,000 bikes in one year.
Image credit: cowboy
