Driven Reaches $ 1 Million Crowdfunding Goal in Just 2 Days, Says He’s “Used to Hateers”

At the end of April, we reported that Driven, a CeramicSpeed ​​spin-off, was hoping to crowdfund at least $ 300,000 for its channelless transmission.

First presented at Eurobike in 2018, Driven replaces the chain on a traditional drivetrain with a driveshaft that is supposed to offer 99% efficiency. The design was created alongside the Department of Mechanical Engineering at the University of Colorado and Ceramic Speed ​​claims it has all the benefits of a gearbox without the drag that comes with it. You can find more information about the concept here.

Unfortunately, the cost of developing the project became too high for CeramicSpeed ​​to fund, so he transferred the project to the Driven company and sought crowdfunding from the cycling community. The minimum amount needed to be raised for the project to continue was $ 300,000, but it actually raised $ 1 million in its first 2 days and currently an additional $ 600,000 has been received in over-subscriptions which are now on a roll. waiting list in case past investors drop. through.

CeramicSpeed ​​claims this is the fastest fundraiser in SeedInvest history despite much criticism of the announcement. However, Jason Smith, CEO of Driven, says Cycling Tips He was “used to haters” and explained: “We always find innovative solutions to design challenges. And then the haters move on that Driven can’t.

“People are watching where Driven is right now, this second, and yes sure the gear teeth are too thin. Of course, the bearings can’t take that much load… What people forget is that this is not the end product. It’s Driven’s job to solve today’s challenges, for tomorrow’s review and the next review, which I’m confident we will.

This is the second blazingly fast crowdfunding we’ve seen in recent months, with Atherton Bikes raising over US $ 1.3 million and hitting their fundraising goal in just 3 hours. It’s no secret that the cycling industry is in bad shape and it’s clear that investors are hoping to take a share. We wouldn’t be surprised to see a number of similar campaigns continue to pop up over the next couple of years, but remember that investing always comes with a dose of risk and there is absolutely no risk. no guarantee that you will see a return on your money no matter what. state of the industry.

As for CermaicSpeed, it hopes to have a working prototype by the end of the year and now hopes to have sufficient funds to carry the product through to manufacture.

About Edward Fries

Check Also

Senate panel approves Huizenga’s NRTF funding bill

Measure includes 13 projects in Kent and Ottawa counties LANSING, Mich. – The Senate Appropriations …

Leave a Reply

Your email address will not be published.