Lovandi raises $10M Series B+ for e-bike internal transmissions
What's the deal? Lovandi Intelligent Technology, a Chinese supplier of internal transmissions for e-bikes, has closed a $10M Series B+ round. Investors include Guotai Haitong, Fortune CapitalDealroom has a profile for this one. Try Dealroom →, and Guangzhou Huangpu Science and Technology Innovation Mother Fund, with existing backer Fortune Capital increasing its stake.
Founded in 2012, Lovandi claims to be the first company in China — and the third globally — to mass-produce intelligent internal transmissions for e-bikes. The funds will go toward R&D on next-generation transmissions, capacity expansion, and building out a global sales network.
Why now? The global e-bike market exceeded $61.89B in 2024 and is forecast to hit $113.64B by 2030, growing at a 10.3% compound annual rate. After three years of inventory drawdowns, the industry is poised for a rebound.
Lovandi's CFO Yan Pu points to a coming replacement wave: many European e-bike owners bought their bikes after 2018, and with an eight- to ten-year lifespan, mass replacements should begin within two to three years.
Meanwhile, motor makers like BoschDealroom has a profile for this one. Try Dealroom →, Bafang, and Ananda are pushing higher-torque systems into e-bikes. Traditional transmissions can't keep up — ShimanoDealroom has a profile for this one. Try Dealroom →'s mainstream internal gearboxes handle only 85 Nm, and the widely used enviolo HD tops out at 100 Nm. Lovandi says its patented UHT technology supports up to 200 Nm, double the competition.
What could go wrong? The e-bike component market has long been dominated by Bosch and Shimano, whose entrenched relationships with European bike brands will be hard to dislodge. Product homogenisation has frustrated manufacturers, but switching to a lesser-known Chinese supplier carries its own risks around quality perception and after-sales support.
Internal transmissions currently penetrate over 40% of the high-end European e-bike market, but 70% of the mass-market segment remains untouched — largely because electronic transmissions are too expensive. Lovandi will need to prove it can deliver at price points that unlock that larger opportunity.
The signal: Lovandi remains classified as early stage on Dealroom despite being founded in 2012, underscoring how long it takes for component-level startups to break into supply chains dominated by entrenched incumbents like Bosch and Shimano. The involvement of a corporate investor such as Guotai Haitong SecuritiesDealroom has a profile for this one. Try Dealroom → alongside government-backed funds suggests Beijing's broader strategic interest in capturing value further up the e-bike supply chain — not just in batteries and motors, but in the transmission layer where European dependence on legacy suppliers is most acute.
Read more: eu.36kr.com
