- Series B funding backs global expansion and outdoor embodied AI strategy
- Company sees human-machine platform as foundation for next-generation mobility devices
Global smart e-bike brand Urtopia (哲轮科技) has raised more than 200 million yuan ($29 million) in a Series B funding round as it seeks to evolve from an electric bicycle maker into what it calls an “outdoor embodied technology” company.
The round was co-led by Brizan Ventures and a government-backed industrial fund from Tongxiang, a prefecture-level city governed by Jiaxing in Zhejiang Province.
Existing investors, including Hong Kong University of Science and Technology professor KO Ping Keung, Kungho Fund and Forebright, continued to increase their stakes.
The proceeds will be used to accelerate core technology development, expand overseas markets and strengthen the company’s supply chain.
Connected e-bikes
Founded in Jiaxing, Urtopia has built its business around connected electric bicycles. Founder and chief Executive Zhang Bo said smart e-bikes are only the starting point for a broader strategy centered on outdoor embodied intelligence.
At the heart of that strategy is a human-machine coupling system that combines motors, batteries, sensors and microcontrollers to collect riders’ cadence, pedaling force and heart rate while simultaneously monitoring terrain, gradient and wind resistance.
The system continuously adjusts power assistance based on both human and environmental inputs.
Venturing into exoskeletons
The company believes this technology platform can be applied well beyond bicycles. Urtopia plans to expand into powered exoskeletons, arguing that the underlying motor and electronic control technologies are largely shared across both product categories.
“The physics of electric motors doesn’t change,” Zhang said. “The biggest challenge in entering a new category is designing motors and control algorithms for different application scenarios. Once the underlying motor and control platform is in place, expanding into new products becomes primarily a matter of product definition and targeted R&D.”
The move would position Urtopia to tap into the rapidly growing exoskeleton market, which industry forecasts expect to expand from $2.48 billion in 2025 to $13.53 billion by 2030, representing a compound annual growth rate of more than 40%.
Rather than defining itself as a micromobility company, Urtopia says its long-term ambition is to build a technology platform that connects people, vehicles and outdoor environments through continuous data feedback.
Existing sales network
The company sees applications extending from hardware sales into active health management and intelligent outdoor services, particularly for aging populations.
To support its global ambitions, Urtopia completed the acquisition of assets related to North American e-bike retailer Pedego in 2025.
At its peak, Pedego operated about 220 franchised stores across the United States, giving Urtopia an established retail, test-ride and after-sales network in one of the world’s largest e-bike markets.
The company said the acquisition is particularly important as it expands into exoskeletons, which require fitting, calibration, training and long-term maintenance. Following the integration, Urtopia and Pedego together serve nearly 300,000 users.
