• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Gen Zers are arriving at college unable to even read a sentence—professors warn it could lead to a generation of anxious and lonely graduates

2

'The golden years are not golden': Boomers are hoarding most of America's wealth and power because they're terrified of outliving their money

3

Trump stunned as stocks fall on great jobs report. Barclays explains why ‘we are entering the warning zone'

1

Gen Zers are arriving at college unable to even read a sentence—professors warn it could lead to a generation of anxious and lonely graduates

2

'The golden years are not golden': Boomers are hoarding most of America's wealth and power because they're terrified of outliving their money

3

Trump stunned as stocks fall on great jobs report. Barclays explains why ‘we are entering the warning zone'
NewslettersTerm Sheet

A16z-backed Infinite Machine is building e-bikes that feel like mopeds. Cyclists may have some qualms

Jessica Mathews
By
Jessica Mathews
Jessica Mathews
Senior Writer
Down Arrow Button Icon
Jessica Mathews
By
Jessica Mathews
Jessica Mathews
Senior Writer
Down Arrow Button Icon
April 8, 2026, 5:02 AM ET
Courtesy of Infinite Machine

This was not the e-bike ride I was expecting. 

Recommended Video

Last week, in Queens, I met up with Infinite Machine CEO Joseph Cohen at his startup’s new vibey office space in Long Island City. After a brief tour, Cohen and I donned motorcycle helmets and went for a ride, spinning through the cobble and paved roads and bike lanes on Infinite Machines’ new e-bike, the Olto. The Olto is quick, fun, and smooth, and it was a blast.

As Cohen and I waited at a traffic light, people on the corner pointed at us, grinning. Olto’s sleek and modern design—like a Cybertruck for the bike lane—tends to grab attention. But is it really a bike?

The Olto follows all the technical parameters of a Class 2 e-bike, where you don’t need a license plate or registration, and it’s allowed in the bike lane. Legally, it’s a bike. In motion, it felt more like I was riding a moped. The Olto is a whopping 176 pounds, has a moped-style seat position, and uses a throttle that gets it up to 20 miles per hour—or more if you’re in a city where higher speeds are allowed. 

While there technically are pedals, Cohen advised me not to use them, and said that customers keep the pedals in the locked position—like pegs. Almost as proof of this, the chain on the Olto I rode was really rusty, and a piece of black plastic covered most of it, which I couldn’t help but notice would make the chain impossible to lube or service.  

Courtesy of Infinite Machine

For Cohen, these quirks are exactly the point. He and his brother, Eddie, wanted to design a brand new kind of two-wheel transit option designed for both the road and the bike lane. The two spent a lot of time riding their Vespas during Covid, and Cohen says they realized “that two wheels is kind of a hack for New York.” Infinite Machine started manufacturing its first vehicle, an electric moped the P1, and later this e-bike Olto, which they started delivering to customers this year, though he wouldn’t tell me how many had been sold yet

Infinite Machine, which launched a moped motorcycle before the Olto, is already dabbling in what other kinds of vehicles it can build next—and how the startup could (eventually) plug in some sort of autonomy to its e-bikes and scooters. It’s a well-funded venture, with $14.2 million from investors including a16z’s American Dynamism fund (a little funny when you consider that Infinite Machine, like many transit companies, has its scooters and e-bikes assembled in Shenzhen, China). Cohen and his brother, Eddie are energetic and bubbly about their sleek designs and where they see the future of transit going. When you’re talking with them, it’s hard not to get excited right along with them.

At the same time, it’s hard to imagine Infinite Machine won’t run into some trouble as they scale. The e-mobility space is notoriously difficult and full of cautionary tales, but more than that, I wonder what the reaction will be from cyclists like me to have something like Olto passing them in the bike lane. At a speed of 20 or 25 miles per hour, a 176-pound bike carries much more energy than a traditional bicycle, and collisions don’t look the same. E-bike accidents are drawing additional scrutiny from residents in cities, including New York, where some groups are pushing for more parameters for e-bikes and scooters. 

After thinking all of that over for a few days, I called up Cohen yesterday and asked about some of those concerns. He said that Infinite Machine is proactive with regulators and has built a “good relationship” with the New York City transportation department, and pointed out that he hadn’t heard of any complaints so far. From his perspective, he wants customers to ride in the bike lanes as a safety precaution from cars and dangerous drivers. “The real threat to safety is from cars and trucks, not from e-bikes,” he said.

Olto isn’t the only vehicle that may redefine the bike lane. Last week, I saw Amazon’s new four-wheel “e-cargo quadricycle” pedaling through the Lower East Side and making last-mile deliveries. It’s a stretch, but the enormous quadricycle technically meets all of the qualifications of a bike, even though it weighs many hundreds of pounds. 

It’s hard not to feel that these new modes of transportation may erode the social order of the bike lane—the idea that bike lanes are solely for lower-speed vehicles and the commuters who are most vulnerable on the road. I’m a cyclist with four bikes—I use bike lanes all the time—and can’t help but wonder as some of these new designs get prolific, whether it could start to feel hostile to the people who are actually pedaling.

See you tomorrow,

Jessica Mathews
X: 
@jessicakmathews
Email: jessica.mathews@fortune.com

Submit a deal for the Term Sheet newsletter here.

Correction, April 8, 2025: This article has been updated to reflect the correct speed limit for e-bikes in New York City and that Olto deliveries began this year.

Joey Abrams curated the deals section of today’s newsletter. Subscribe here.

VENTURE CAPITAL

- E2, a Menlo Park, Calif.-based developer of medical technology designed for venous thromboembolism, raised $80 million in Series C funding. Gilde Healthcare and Norwest led the round and were joined by existing investors.

- True Footage, an Austin, Texas-based residential appraisal and appraiser services company, raised $40 million in Series C funding from Cox Enterprises, Nava Ventures, Roger Ferguson, Pilot Enterprises, and others.

- Membrane Technology & Research, a Newark, Calif.-based industrial membranes company, raised $27 million in Series B funding. Climate Investment led the round and was joined by Hartree Partners.

- HexemBio, a New York City-based biotech company focused on blood stem cell rejuvenation therapy, raised $10.4 million in seed funding. Draper Associates led the round and was joined by SOSV, Seraphim, and others.

- CONXAI, a Munich, Germany-based agentic AI platform designed to automate construction workflows, raised €5 million in pre-Series A funding. BayBG Venture Capital and Capricorn Partners led the round and were joined by Pi Labs, Earlybird, Noa, Zacua Ventures, and Argonautic Ventures.

- FLORA Fertility, a Calgary, Canada-based fertility insurance platform, raised $5 million in seed funding. ManchesterStory led the round and was joined by Slauson & Co., BDC, Marathon Fund, and Adara Venture Partners.

- Felix, a Prague, Czech Republic-based AI workflow platform designed for legal, finance, and insurance professionals, raised $1.7 million in pre-seed funding. XYZ Venture Capital led the round and was joined by angel investors.

- Prism Layer, a Washington, D.C.-based AI-powered platform for enterprise risk management, raised $1 million in pre-seed funding. Fenway Summer led the round and was joined by Plural VC and others.

PRIVATE EQUITY

- Bay Collective, backed by Sixth Street, agreed to acquire Sunderland AFC Women, a Sunderland, U.K.-based women’s soccer club. Financial terms were not disclosed.

- Caylent, backed by Gryphon Investors, acquired Pronetx, a Columbia, Md.-based customer experience consulting firm. Financial terms were not disclosed.

- First Reserve acquired a majority stake in Lindsey Systems, an Azusa, Calif.-based designer and manufacturer of electric transmission and distribution equipment. Financial terms were not disclosed.

EXITS

- Gamut Capital Management agreed to acquire Acousti Engineering Company, an Orlando, Fla.-based ceiling, drywall, flooring, and specialty interior services provider, from Ardian. Financial terms were not disclosed. 

- Triton Partners agreed to acquire Integris, an Amsterdam, The Netherlands-based ballistic protection company, from Agilitas Private Equity. Financial terms were not disclosed.

FUND OF FUNDS

- Eclipse, a Palo Alto, Calif. and New York City-based venture capital firm, raised $1.3 billion across two funds focused on companies in physical industries. 

PEOPLE

- 500 Global, a Palo Alto, Calif.-based venture capital firm, hired Nadia Karkar as managing partner. Previously, she was with TPG Rise.

- H.I.G. Capital, a Miami, Fla.-based private equity firm, promoted Brian Schwartz to CEO.

- Rally Ventures, a Menlo Park, Calif.-based venture capital firm, hired Liz Benz as operating partner. Previously, she was Chief Sales Officer at Jamf. 

This is the web version of Term Sheet, a daily newsletter on the biggest deals and dealmakers in venture capital and private equity. Sign up for free.
About the Author
Jessica Mathews
By Jessica MathewsSenior Writer
LinkedIn iconTwitter icon

Jessica Mathews is a senior writer for Fortune covering transportation, defense tech, and Elon Musk’s companies.

See full bioRight Arrow Button Icon

Latest in Newsletters

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Newsletters

Can AI level the playing field for early-stage female founders? Their optimism about fundraising is increasing
NewslettersMPW Daily
Can AI level the playing field for early-stage female founders? Their optimism about fundraising is increasing
By Emma HinchliffeJune 8, 2026
4 hours ago
Citi's Jenn Landis
NewslettersCFO Daily
Jenn Landis rebuilt Citi’s Wall Street credibility. Her reward: CFO of a $22 billion business
By Sheryl EstradaJune 8, 2026
9 hours ago
dw
C-SuiteNext to Lead
The CEO question that stumped a room full of COOs
By Ruth UmohJune 8, 2026
9 hours ago
Sarah Franklin, Chief Executive Officer of Lattice, and Francine Katsoudas, EVP and Chief People, Policy and Purpose Officer at Cisco, speak at Fortune's COO Summit with Kristin Stoller, Editorial Director at Fortune.
NewslettersFortune Workplace Innovation
AI disruption arrived 6 years early—now executives are drawing the line
By Kristin StollerJune 8, 2026
10 hours ago
Visa and Mastercard are planning to shake up the stablecoin market—but pulling it off won’t be easy
NewslettersFortune Crypto
Visa and Mastercard are planning to shake up the stablecoin market—but pulling it off won’t be easy
By Jeff John RobertsJune 8, 2026
10 hours ago
David Sacks, then the White House Special Advisor for AI and Crypto, at the White House on September 04, 2025 in Washington, D.C. (Photo: Chip Somodevilla/Getty Images)
NewslettersFortune Tech
David Sacks has concerns about government equity in AI companies
By Andrew NuscaJune 8, 2026
11 hours ago

Most Popular

Gen Zers are arriving at college unable to even read a sentence—professors warn it could lead to a generation of anxious and lonely graduates
Success
Gen Zers are arriving at college unable to even read a sentence—professors warn it could lead to a generation of anxious and lonely graduates
By Preston ForeJune 7, 2026
1 day ago
'The golden years are not golden': Boomers are hoarding most of America's wealth and power because they're terrified of outliving their money
Economy
'The golden years are not golden': Boomers are hoarding most of America's wealth and power because they're terrified of outliving their money
By Nick LichtenbergJune 7, 2026
1 day ago
Trump stunned as stocks fall on great jobs report. Barclays explains why ‘we are entering the warning zone'
Big Tech
Trump stunned as stocks fall on great jobs report. Barclays explains why ‘we are entering the warning zone'
By Eva RoytburgJune 7, 2026
1 day ago
'We didn’t see this coming': Wall Street eats its forecasts as stocks sell off globally on fear of AI bubble ahead of SpaceX IPO
Economy
'We didn’t see this coming': Wall Street eats its forecasts as stocks sell off globally on fear of AI bubble ahead of SpaceX IPO
By Jim EdwardsJune 8, 2026
11 hours ago
SpaceX's IPO will also be a massive selling event triggering big price dislocations across the stock market as investors dump shares to buy SPCX
Investing
SpaceX's IPO will also be a massive selling event triggering big price dislocations across the stock market as investors dump shares to buy SPCX
By Jason MaJune 7, 2026
1 day ago
AI CEOs from OpenAI, Anthropic, and Microsoft set aside their rivalry to warn Congress AI is making it too easy to design and create bioweapons
AI
AI CEOs from OpenAI, Anthropic, and Microsoft set aside their rivalry to warn Congress AI is making it too easy to design and create bioweapons
By Marco Quiroz-GutierrezJune 5, 2026
4 days ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.