With its compatibility software that checks component compatibility, such as spare parts, when selecting a bike and displays suitable options based on ISO standards, the New Zealand start-up Bike Matrix has recently been making waves. The company was also awarded the Eurobike Award for this innovation at Eurobike. Now, they have received a significant financial boost.
In contrast to the automotive industry, where parts have been systematically indexed by vehicle for decades, the bicycle industry has long relied on physical inspections to determine the correct parts for a specific bike. The rapid innovation in the cycling sector and the growing number of fitment standards have made this process increasingly complex and confusing, leading to buyer hesitation and costly returns or waste.
Bike Matrix is a Eurobike Award 2024 winner
Bike Matrix has developed a method to assess the compatibility of any component as a replacement or upgrade for any bicycle. This technology is designed for various applications, including online stores, retail software systems, workshop portals, wholesale B2B and ERP systems, fleet management platforms, and even bike design processes. Many believe this breakthrough will transform the global bicycle industry. The team’s success at Eurobike, the world’s largest bicycle industry trade event, including winning a Eurobike Award, highlights the strong industry support for Bike Matrix’s compatibility solution.
In mid-August, the Rotorua-based (NZ) startup announced that it had secured a significant seed investment of 2.0 million NZD (2.0 million USD) from an anonymous source within the bicycle industry. Adam Townsend, a veteran bike mechanic and the architect behind the compatibility system, stated, “This funding will enable us to expand our dedicated founding team and take Bike Matrix to the next level.” He views this capital raise as a crucial milestone, adding, “With a full battery, a clear roadmap, our toolbox, and strong industry support, we’re ready to move forward.”
Collaborations with over 80 component brands
The company states that they are now engaged in closer collaboration with over 80 component brands, supplying product information, along with agreements with major global bicycle brands. Additionally, they report that several customers are already planning to integrate Bike Matrix into their future roadmaps. This recent financial injection is expected to accelerate this growth.