Source: techeu post

MILAN, Italy – Blubrake, an Italian e-mobility company that’s developed a safe anti-lock braking system (ABS) for electric bikes, has secured $6 million in Series A funding from e-Novia, the deep tech startup factory where Blubrake was founded.

Other backers include Progress Tech Transfer, a VC fund for sustainable technologies, as well as some private investors: Andrea Perin, Managing Director at Banca Finint, and Michele Scannavini, President at Italian Trade Agency and at e-Novia.

ABS makes for a safer cycling experience: the front wheel won’t lock up and the bike won’t flip over. Instead the rider stays more stable, with more freedom to move, while using the brakes.

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Two things make Blubrake’s solution unique: the technology for actually reducing the bike’s speed is patented and derives from Formula 1 and motorcycle racing experience, and it can be fully integrated into the bike frame. This makes it suitable for any line of e-bikes or e-cargo bikes.

Plus, the startup adds, some global manufacturers have already chosen the system, including the Swedish company Crescent and the German maker Bulls.

The Milan-based startup, which has raised more than $10 million, was founded in late 2015 by Fabio Todeschini, together with e-Novia and a group of professors and researchers from Politecnico di Milano.

In 2018 the EU Commission selected the company for the EU Horizon 2020 program, and last year the team won a Eurobike award for best bike components.

“We have discussions underway with most of the top e-bike manufacturers and we target a market that has a turnover of more than $20 billion,” said Todeschini, the company’s General Manager. The fresh funding will go to expanding the product range “with more mechatronic e-mobility solutions,” and accelerating the industrial and commercial arms of the business.