CeramicSpeed recently spun off its Driven shaft-drive drivetrain concept as a standalone entity, and then opened it to the public for seed funding.
According to Driven, the US$1 million goal was met in just two days, and a further US$600,000 has been received in over-subscriptions that are now on a waitlist (in case earlier investors fall through). According to CeramicSpeed, it was SeedInvest’s fastest raise to date.
The news of the company seeking seed funding was met with a fair amount of criticism online (at least in CyclingTips’ comments section).
“In the last two iterations, we’ve always heard ‘you won’t be able to shift’, ‘you will never figure out a full suspension mountain bike’, and on and on,” wrote Driven’s CEO Jason Smith in an email to CyclingTips. “But we always come up with innovative solutions to the design challenges. And then the haters move on to something else Driven can’t do. I’m used to the haters.”
“People look at where Driven is right now, this second, and yes, of course, the cog teeth are too skinny. Of course, the bearings can’t hold that much load … What people forget is that this is not the final product. It’s Driven’s job to solve today’s challenges, for tomorrow’s revision, and the next revision, which I’m confident we will.”
“We also have the people who do see the opportunity; who do see the potential of the technology. These are the people who inspire the team at Driven to solve those engineering challenges,” said Smith.
The company aims to have a rideable prototype by the end of the year.