Brussels-based startup Cowboy has been within the information these days for its money burn charge. However the firm needs to regulate its narrative once more with some product and enterprise information. Cowboy is launching a brand new function referred to as ‘AdaptivePower’, which mechanically adjusts the facility of the motor relying on the present slope and climate situations.

Cowboy’s electrical bikes are fairly easy — there isn’t any gear and there are not any + and – button to regulate the facility of the motor. The corporate thinks driving a motorcycle needs to be as straightforward as leaping on the saddle and placing a foot on the peddle.

However that minimalistic strategy has some drawbacks. Whereas the default energy mode works nice in most cities, it’s not sufficient in hilly cities like San Francisco.

As an alternative of releasing a brand new bike with gears or buttons, the corporate is leveraging the sensors within the present Cowboy lineup, such because the gyroscope and accelerometer. Whereas these sensors had been initially included for crash and theft detection, they are often leveraged to make the bike smarter. Based mostly on the present torque, pace and different elements, Cowboy mechanically will increase the facility supply of the electrical motor or reduces it.

This function will probably be rolled out to Cowboy’s newest fashions that had been launched a few years in the past — the C4 and its step-through model the C4ST. It will likely be an over-the-air software program replace. As soon as the replace is put in, you’ll have the ability to select between the ‘adaptive’ and ‘eco’ choices within the cellular app for the motor energy settings.

In different product information, the corporate can be releasing some new colours for the C4ST as you may see within the picture on the backside of this text.

New funding spherical at a decrease valuation

In January 2022, Cowboy introduced an $80 million funding spherical. A bit greater than a 12 months later, the corporate is elevating extra money. However it isn’t disclosing the greenback determine of this new funding spherical.

In fact, issues have modified drastically for tech startups. VC corporations aren’t deploying capital as quickly and startup founders typically battle to boost their subsequent funding spherical. For a {hardware} firm like Cowboy, provide chain points and inflation additionally had some affect on the corporate’s margins.

A number of weeks in the past, Cowboy co-founder and CTO Tanguy Goretti stated in a spicy LinkedIn put up that the corporate was “within the means of closing a €15M spherical” (that’s $15.8 million at immediately’s change charge). From what I’ve heard, Cowboy ended up elevating a bit lower than that, however an fairness crowdfunding half goes to spherical up that spherical.

He additionally added in his LinkedIn put up that this current funding spherical is a down spherical. The corporate’s whole valuation is down by 44% in comparison with the earlier funding spherical. In different phrases, it’s a protracted and windy street for Cowboy and the previous few months have been harder than anticipated.

However the startup’s present traders selected to speculate extra money within the firm, which ought to enhance the corporate’s runway proper earlier than the height season of Cowboy gross sales (between March and October). After some logistics challenges a 12 months or two in the past, Cowboy’s margins are additionally again to the place they need to be.

With AdaptivePower, Cowboy can now take into consideration different potential automobiles as effectively. For example, this function would work significantly effectively with cargo bikes. However there’s nothing to announce on this entrance for now.

“2022 has been our greatest 12 months ever with €41 million in income and gross sales rising by 2.7x 12 months over 12 months,” co-founder and CEO Adrien Roose stated in a press release. Cowboy has bought 50,000 since 2018. And 2022 wasn’t so unhealthy in any respect as the corporate informed me it managed to promote 20,000 bikes in a single 12 months.

Picture Credit: Cowboy