Intelligent bicycle riding device manufacturer Livall announced on July 29 that it has raised a combined fund of 80 million yuan ($13.1 million) in its first round of capital raising campaign.
The one-year-old startup firm, headquartered in Shenzhen, has lured leading venture capital firm China Equity late June.
Following China Equity, Oriental Fortune, Leaguer Venture Capital and Trend capital all announced to join hands with the move and beef up their hefty investment to the emerging firm, a producer of the wearable devices for bicycling including the bling Helmet, bling jet, phone holder and Nano cadence sensor.
The company's products were worn by participants during the Tour of France this year and a number of bicycling events have announced to use its products.
It also joined the crowdfund raising platform on the JD.com, one of leading China's ecommerce websites, with the total capital raised up to 1 million yuan with 4,590 individual investors.
In a bid to soon roll out new products, the company has announced to team up with carbon fiber bicycle producer ZGL.
Livall will enter the world's top fundraising platform Indiegogo to foray into the North America market.
