Wednesday, October 16, 2019

TDK Ventures Joins In Investment In Wheels

TDK Ventures, the venture investment arm of TDK Corporation, has made an investment in Los Angeles-based Wheels, the last-mile, on-demand, electric bicycle company led by Josh Viner. According to TDK Ventures, the investment came as part of the recently announced funding round led by DBL Partners. TDK said Wheel will leverage its "deep expertise in electronics and sustainability energy solutions" as well as its global reach to expand its operations and meet customer demand. Wheels announced it had raised $50M in the funding round on Tuesday, bringing to the company's total funding now to $87M. Wheels--unlike competing last mile transportation startups like Bird and Lime--has an electric bicycle, which works better in some environments and is easier for many users not comfortable with the stability of scooters. The company's vehicles have large wheels and a low center of gravity, and the company says it is working on a new "smart helmet system" which will be integrated with the bicycle for users.