“Our scooter is like the Volvo of the car industry, safe and durable,” said Kristjan Maruste, the co-founder and CEO at COMODULE.
COMODULE, a global leader in bicycle and scooter connectivity, whose IoT solutions are already used in 200K small vehicles in 46 countries around the world, announced, that it is starting to conquer Estonia’s e-scooter market with the world’s most durable and eco-friendly e-scooter. 90% recyclable, developed and produced in Estonia, using renewable energy, the scooter has a life expectancy of 60 months or 5 years when in extensive rental use – which is up to 20 times longer than that of the competitors.
COMODULE has been connecting light electric vehicles to the internet since 2014, with a mission of empowering emissionless transport.
“During the boom of shared e-scooters in 2019, we saw very closely how poorly the scooters were made, and this resulted in very bad unit economics for our customers,” Maruste admitted.
“Although the scooters ran on clean energy, there was nothing clean about the way they were being built and recycled. Since our team are mostly engineers, with a background in building electric racing cars, we decided to design, build and develop the most durable scooter with all the IoT capabilities already built in. Now that we have an e-bike and an e-scooter for the sharing industry, I feel we have made the shift from not only providing connectivity for micromobility, but to a company that actually makes micromobility,” said Maruste.
Electric scooters rental services are very popular in Tallinn this spring. According to ERR, there are 3 companies operating in this business: COMODULE, Bolt and Prime.Bike.
A successful business to invest in
“We connect bicycles and scooters to the internet and have so with more than 200K vehicles in more than 45 countries in the world,” Kristjan Maruste, said at Invest in Estonia’s Online Startup Demo Day recently.
COMODULE integrates their electronic units in vehicles smaller than a car. “We take the data from vehicle and transmit to our servers, from which we make it accessible to all of our costumers to build different services on top – whether for end users, for fleets, or for sharing operations,” Maruste explained.
COMODULE is an OEM supplier of connectivity and IoT technology, offering the full platform including custom electronics, mobile application and cloud-based analytics software. It focuses on vehicle manufacturers (bicycles, electric bikes and scooters) and component suppliers (drivetrains, batteries, displays).
With €16M of revenue and €1M in profit in 2019, during the COVID-19 spread situation COMODULE is betting on the hypothesis that in Q2/Q3 people avoid public transport and prefer personal electric vehicles; thus preparing to raise funds later this year.