The dust kicked up by ride sharing has settled, but the air is again charged with electricity. This time, it’s bike sharing, and companies are losing no time stocking up on ammo.

The latest news is that Ofo, a dockless bike sharing company which started on campus, has completed a C round totaling 130 million USD. This number includes the earlier “tens of millions of USD” investment from Didi and additional funds from major league investors like the Coatue, the U.S. hedge fund, Xiaomi and its affiliate fund Shunwei Capital (for cooperation think IOT, Xiaomi’s existent folding bike), and Citic PE fund.

Ofo, which until now has been mostly operating on campus, is now carefully treading waters outside university gates. The company’s founder Dai Wei has revealed that trial runs in Shanghai will begin today, and starting tomorrow, the yellow bikes will temporarily be available in Beijing’s Zhongguancun and Shangdi. These areas to some extent resemble the safe haven of campus, with large populations of white-collars and sprawling office parks.

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April Ma

Based in Beijing, April Ma writes on tech trends and covers startups that may (or may not) be the next BATs. Reach her at April.ma@technode.com or Mafangjing (Wechat).