Spin Secures $8 Million Series A Funding Round Led by Grishin Robotics
Poster: SySAdmin
Posted on May 25, 2017 at 10:21:01 AM
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<div xmlns="http://www.w3.org/1999/xhtml" xmlns:xn="http://www.xmlnews.org/ns/" class="xn-newslines">
<h1 class="xn-hedline">Spin Secures $8 Million Series A Funding Round Led by Grishin Robotics</h1>
<h2 class="xn-hedline">Nation's first stationless bikeshare company plans rapid expansion across U.S. cities with goal to build one of the largest dockless bikeshare fleets in the world</h2>
<p class="xn-distributor">PR Newswire</p>
<p class="xn-dateline">SAN FRANCISCO, May 25, 2017</p>
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<p>
<span class="xn-location">SAN FRANCISCO</span>, <span class="xn-chron">May 25, 2017</span> /PRNewswire/ -- <a href="https://spin.pm/" rel="nofollow" target="_blank">Spin</a>, the first company to debut the stationless bikeshare concept in America, today announced an <span class="xn-money">$8 million</span> Series A funding round led by <span class="xn-location">Menlo Park</span>-based <a href="http://grishinrobotics.com/" rel="nofollow" target="_blank">Grishin Robotics</a> with participation from <a href="http://exponent.vc/" rel="nofollow" target="_blank">Exponent</a> and <a href="http://www.crcmvc.com/" rel="nofollow" target="_blank">CRCM</a>, along with Quora co-founder <span class="xn-person">Charlie Cheever</span> and Dropbox investor <span class="xn-person">Matt Brezina</span>. Spin will use the funding to accelerate hiring, expand deployment of its smart bikeshare system across several U.S. cities, and build one of the largest dockless bikeshare fleets in the world.</p>
<p>"Spin makes navigating around cities smarter, better and more equitable for everyone," said Spin co-founder and CEO <span class="xn-person">Derrick Ko</span>, formerly of Lyft. "Our smart stationless bikeshare system acts as a natural complement to rideshare systems, and won't cost cities a penny. We are thrilled to join Grishin's portfolio, and look forward to rolling out our stationless bikeshare across several American urban centers in a meaningful way." </p>
<p>Spin's orange-colored smart-bikes are located via the Spin app, unlocked and taken for a ride by simply scanning a QR code. Designed in <span class="xn-location">California</span>, the bikes are equipped with GPS, cellular connectivity, solar panels, and solid tires that are designed for durability. Unlike traditional bikeshare systems, Spin's technology requires no fixed or specialized racks and allows bikes to be parked anywhere that is legal and responsible. At just <span class="xn-money">$1</span> a ride, Spin offers riders a flexible, equitable, and convenient mode of transport. </p>
<p>"Technology and hardware will play a big part in improving last mile transportation in the face of urbanization," said <span class="xn-person">Dmitry Grishin</span>, Founding Partner of <a href="http://grishinrobotics.com/" rel="nofollow" target="_blank">Grishin Robotics</a>. "We're impressed with Spin's approach of tackling this with stationless bikeshare, and the team's vision of building networks of connected last-mile vehicles." Spin joins Grishin Robotics' portfolio of innovative Internet-of-Things and robotics companies, including Ring, Zipline, eero and Starship.</p>
<p>Spin plans to build one of the largest mobile IoT and urban transportation infrastructure deployments in the world. "We'll use this round to grow our supply chain, improve our hardware, and assemble a talented technical team to track and manage our bikeshare fleet at scale," said Spin CTO and co-founder Zaizhuang Cheng, formerly of Disqus. </p>
<p>Spin also runs the Spin Cities Project, an initiative to fund smart urban infrastructure, bike safety and awareness programs, and provide cycling data to communities. The Project's first initiative is to fund bike safety in <span class="xn-location">Seattle</span>, where Spin plans to launch this summer. In addition to an initial investment, Spin will contribute a portion of ride revenue to continually fund the Project. </p>
<p>"Our approach to bikeshare is unique in that it requires no public funding. Unlike competitors that enter U.S. cities without permission, Spin is dedicated to working closely with cities to establish clear procedures for permitting and a pathway to success that benefits both cities and riders," said Spin co-founder and President <span class="xn-person">Euwyn Poon</span>, a former lawyer at Simpson Thacher & Bartlett and two-time Y Combinator alumnus.</p>
<p>
<b>About Spin</b>
</p>
<p>Spin helps people move around in cities by offering a convenient, affordable, and environmentally-friendly mode of last-mile transportation. Its fleet of GPS-equipped, orange-colored smart-bikes can be unlocked by scanning a QR code, and can be dropped off at any existing bike parking spots, all at no cost to cities. Spin is also committed to improving urban living via the Spin Cities Project, which funds local bike infrastructure programs. Spin is a Series A venture-backed company based in <span class="xn-location">San Francisco</span>, founded by Lyft, Disqus, and Y Combinator alumni. To learn more visit <a href="https://spin.pm/" rel="nofollow" target="_blank">https://spin.pm</a>
</p>
<p>
<b>About Grishin Robotics</b>
</p>
<p>Founded in 2012, Grishin Robotics is one of the leading venture firms to focus exclusively on hardware and robotics companies, investing out of its second <span class="xn-money">$100M</span> fund. The firm's investments include Ring, Zipline, eero and Starship and is located in <span class="xn-location">Menlo Park, California</span>. <a href="http://www.grishinrobotics.com/" rel="nofollow" target="_blank">http://www.grishinrobotics.com</a>
</p>
<p>
<b>About CRCM</b>
</p>
<p>CRCM is a Silicon Valley-based venture firm that invests in early-stage companies in diversified sectors, including healthcare, enterprise, consumer, financial technology, media, and telecommunications. Prior investments include Youku and musical.ly. <a href="http://www.crcmvc.com/" rel="nofollow" target="_blank">http://www.crcmvc.com</a>
</p>
<p>
<b>About Exponent</b>
</p>
<p>Exponent is a venture firm founded by Y Combinator alumni that invests in and grows early-stage technology companies. The firm is backed by the Yifang Group, shareholders of the Wanda Group, and its investments include Plushcare, Grubmarket, Hush, Zeus, and Paperspace. <a href="http://www.exponent.vc/" rel="nofollow" target="_blank">http://www.exponent.vc</a>
</p>
<p> </p>
<p> </p>
<div class="PRN_ImbeddedAssetReference" id="DivAssetPlaceHolder2">
</div>
<p>SOURCE Spin</p>
</div>
<img alt="" src="https://rt.prnewswire.com/rt.gif?NewsItemId=SF99767&Transmission_Id=201705251115PR_NEWS_USPR_____SF99767&DateId=20170525" style="border:0px; width:1px; height:1px;" xmlns="http://www.w3.org/1999/xhtml" xmlns:xn="http://www.xmlnews.org/ns/">
<p>CONTACT: Lindsey Arent Schank, (415) 713-1418, Lindsey@waxmanstrategies.com <br>
</p>
<p>Web Site: <a class="release-link" href="https://www.spin.pm" target="_newbrowser">https://www.spin.pm</a>
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line-height: 125%;
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* @tip Set the styling for your email's preheader links. Choose a color that helps them stand out from your text.
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.preheaderContent a:link, .preheaderContent a:visited, /* Yahoo! Mail Override */ .preheaderContent a .yshortcuts /* Yahoo! Mail Override */{
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#templateHeader{
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*/
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color: #404040;
font-family: Helvetica;
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/**
* @tip Set the styling for your email's data table links. Choose a color that helps them stand out from your text.
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* @tip Set the styling for your email's left column content links. Choose a color that helps them stand out from your text.
*/
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* @tip Set the styling for your email's center column content text. Choose a size and color that is easy to read.
*/
.centerColumnContent{
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line-height: 150%;
padding-top: 0;
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padding-bottom: 20px;
padding-left: 20px;
text-align: left;
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/**
* @tip Set the styling for your email's center column content links. Choose a color that helps them stand out from your text.
*/
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/**
* @tip Set the styling for your email's right column content text. Choose a size and color that is easy to read.
*/
.rightColumnContent{
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font-size: 14px;
line-height: 150%;
padding-top: 0;
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padding-left: 20px;
text-align: left;
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/**
* @tip Set the styling for your email's right column content links. Choose a color that helps them stand out from your text.
*/
.rightColumnContent a:link, .rightColumnContent a:visited, /* Yahoo! Mail Override */ .rightColumnContent a .yshortcuts /* Yahoo! Mail Override */{
color: #3d98c6;
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* @theme footer
*/
#templateFooter{
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/**
* @tip Set the styling for your email's footer text. Choose a size and color that is easy to read.
* @theme footer
*/
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font-size: 10px;
line-height: 150%;
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/**
* @tip Set the styling for your email's footer links. Choose a color that helps them stand out from your text.
*/
.footerContent a:link, .footerContent a:visited, /* Yahoo! Mail Override */ .footerContent a .yshortcuts, .footerContent a span /* Yahoo! Mail Override */{
color: #606060;
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/* /\/\/\/\/\/\/\/\/ MOBILE STYLES /\/\/\/\/\/\/\/\/ */
@media only screen and (max-width: 480px){
/* /\/\/\/\/\/\/ CLIENT-SPECIFIC MOBILE STYLES /\/\/\/\/\/\/ */
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*/
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<h1 class="xn-hedline">Spin Secures $8 Million Series A Funding Round Led by Grishin Robotics</h1>
<h2 class="xn-hedline">Nation's first stationless bikeshare company plans rapid expansion across U.S. cities with goal to build one of the largest dockless bikeshare fleets in the world</h2>
<p class="xn-distributor">PR Newswire</p>
<p class="xn-dateline">SAN FRANCISCO, May 25, 2017</p>
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<p>
<span class="xn-location">SAN FRANCISCO</span>, <span class="xn-chron">May 25, 2017</span> /PRNewswire/ -- <a href="https://spin.pm/" rel="nofollow" target="_blank">Spin</a>, the first company to debut the stationless bikeshare concept in America, today announced an <span class="xn-money">$8 million</span> Series A funding round led by <span class="xn-location">Menlo Park</span>-based <a href="http://grishinrobotics.com/" rel="nofollow" target="_blank">Grishin Robotics</a> with participation from <a href="http://exponent.vc/" rel="nofollow" target="_blank">Exponent</a> and <a href="http://www.crcmvc.com/" rel="nofollow" target="_blank">CRCM</a>, along with Quora co-founder <span class="xn-person">Charlie Cheever</span> and Dropbox investor <span class="xn-person">Matt Brezina</span>. Spin will use the funding to accelerate hiring, expand deployment of its smart bikeshare system across several U.S. cities, and build one of the largest dockless bikeshare fleets in the world.</p>
<p>"Spin makes navigating around cities smarter, better and more equitable for everyone," said Spin co-founder and CEO <span class="xn-person">Derrick Ko</span>, formerly of Lyft. "Our smart stationless bikeshare system acts as a natural complement to rideshare systems, and won't cost cities a penny. We are thrilled to join Grishin's portfolio, and look forward to rolling out our stationless bikeshare across several American urban centers in a meaningful way." </p>
<p>Spin's orange-colored smart-bikes are located via the Spin app, unlocked and taken for a ride by simply scanning a QR code. Designed in <span class="xn-location">California</span>, the bikes are equipped with GPS, cellular connectivity, solar panels, and solid tires that are designed for durability. Unlike traditional bikeshare systems, Spin's technology requires no fixed or specialized racks and allows bikes to be parked anywhere that is legal and responsible. At just <span class="xn-money">$1</span> a ride, Spin offers riders a flexible, equitable, and convenient mode of transport. </p>
<p>"Technology and hardware will play a big part in improving last mile transportation in the face of urbanization," said <span class="xn-person">Dmitry Grishin</span>, Founding Partner of <a href="http://grishinrobotics.com/" rel="nofollow" target="_blank">Grishin Robotics</a>. "We're impressed with Spin's approach of tackling this with stationless bikeshare, and the team's vision of building networks of connected last-mile vehicles." Spin joins Grishin Robotics' portfolio of innovative Internet-of-Things and robotics companies, including Ring, Zipline, eero and Starship.</p>
<p>Spin plans to build one of the largest mobile IoT and urban transportation infrastructure deployments in the world. "We'll use this round to grow our supply chain, improve our hardware, and assemble a talented technical team to track and manage our bikeshare fleet at scale," said Spin CTO and co-founder Zaizhuang Cheng, formerly of Disqus. </p>
<p>Spin also runs the Spin Cities Project, an initiative to fund smart urban infrastructure, bike safety and awareness programs, and provide cycling data to communities. The Project's first initiative is to fund bike safety in <span class="xn-location">Seattle</span>, where Spin plans to launch this summer. In addition to an initial investment, Spin will contribute a portion of ride revenue to continually fund the Project. </p>
<p>"Our approach to bikeshare is unique in that it requires no public funding. Unlike competitors that enter U.S. cities without permission, Spin is dedicated to working closely with cities to establish clear procedures for permitting and a pathway to success that benefits both cities and riders," said Spin co-founder and President <span class="xn-person">Euwyn Poon</span>, a former lawyer at Simpson Thacher & Bartlett and two-time Y Combinator alumnus.</p>
<p>
<b>About Spin</b>
</p>
<p>Spin helps people move around in cities by offering a convenient, affordable, and environmentally-friendly mode of last-mile transportation. Its fleet of GPS-equipped, orange-colored smart-bikes can be unlocked by scanning a QR code, and can be dropped off at any existing bike parking spots, all at no cost to cities. Spin is also committed to improving urban living via the Spin Cities Project, which funds local bike infrastructure programs. Spin is a Series A venture-backed company based in <span class="xn-location">San Francisco</span>, founded by Lyft, Disqus, and Y Combinator alumni. To learn more visit <a href="https://spin.pm/" rel="nofollow" target="_blank">https://spin.pm</a>
</p>
<p>
<b>About Grishin Robotics</b>
</p>
<p>Founded in 2012, Grishin Robotics is one of the leading venture firms to focus exclusively on hardware and robotics companies, investing out of its second <span class="xn-money">$100M</span> fund. The firm's investments include Ring, Zipline, eero and Starship and is located in <span class="xn-location">Menlo Park, California</span>. <a href="http://www.grishinrobotics.com/" rel="nofollow" target="_blank">http://www.grishinrobotics.com</a>
</p>
<p>
<b>About CRCM</b>
</p>
<p>CRCM is a Silicon Valley-based venture firm that invests in early-stage companies in diversified sectors, including healthcare, enterprise, consumer, financial technology, media, and telecommunications. Prior investments include Youku and musical.ly. <a href="http://www.crcmvc.com/" rel="nofollow" target="_blank">http://www.crcmvc.com</a>
</p>
<p>
<b>About Exponent</b>
</p>
<p>Exponent is a venture firm founded by Y Combinator alumni that invests in and grows early-stage technology companies. The firm is backed by the Yifang Group, shareholders of the Wanda Group, and its investments include Plushcare, Grubmarket, Hush, Zeus, and Paperspace. <a href="http://www.exponent.vc/" rel="nofollow" target="_blank">http://www.exponent.vc</a>
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<p> </p>
<p> </p>
<div class="PRN_ImbeddedAssetReference" id="DivAssetPlaceHolder2">
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<p>SOURCE Spin</p>
</div>
<img alt="" src="https://rt.prnewswire.com/rt.gif?NewsItemId=SF99767&Transmission_Id=201705251115PR_NEWS_USPR_____SF99767&DateId=20170525" style="border:0px; width:1px; height:1px;" xmlns="http://www.w3.org/1999/xhtml" xmlns:xn="http://www.xmlnews.org/ns/">
<p>CONTACT: Lindsey Arent Schank, (415) 713-1418, Lindsey@waxmanstrategies.com <br>
</p>
<p>Web Site: <a class="release-link" href="https://www.spin.pm" target="_newbrowser">https://www.spin.pm</a>
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