Infinite Machine raises $9.3M led by a16z for urban mobility innovations with Olto scooter launch.
Infinite Machine Raises $9.3M for Olto Scooter
Infinite Machine, a New York-based micromobility startup, announced on Wednesday that it secured $9.3 million in funding led by Andreessen Horowitz to advance its urban mobility solutions with the Olto scooter. The startup, founded by Joseph and Eddie Cohen, boasts a team with backgrounds in Tesla, Boosted, and Apple.
The funding aims to accelerate the transition to sustainable urban transit solutions with novel technology. With plans to start shipping next year, the company positions itself against market giants like Bird and VanMoof.
“P1 is the first step in our vision of a post-car future. We couldn’t be more excited to partner with a16z and our other investors to bring our vision to life. This round of capital will allow us to scale production and start shipping vehicles to customers next year.” — Joseph Cohen, CEO, Infinite Machine
Investment Aligns with NYC Transit Policies
This investment may boost innovation in urban transit, fueling a shift away from cars. The New York City congestion policies align with such ventures, implying a significant evolution in urban transportation and micromobility solutions.
Urban planners and investors are attentive to financial, regulatory, and technological outcomes. The company receives backing from investors like Nico Rosberg, indicating confidence in its potential to reshape urban transit dynamics.
Electric Two-Wheeler Market Faces Challenges
The U.S. electric two-wheeler market has faced challenges, with brands like Bird and VanMoof experiencing financial difficulties. Infinite Machine’s innovation and strategy might signal a shift, offering a fresh approach to existing market issues.
Kanalcoin experts highlight that without direct ties to cryptocurrencies, the focus remains on urban mobility. However, the impact on technological and regulatory landscapes could echo through broader digital asset discussions.
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