As the bike-sharing market has become part of a broader proxy war for ride-hailing startups, some believe there is still room for new players in the market. Case in point: Wheels Labs Inc. just raised $37 million.

The Series A round included Tenaya Capital, Bullpen Capital, Crosscut Capital, 3L Capital, Naval Ravikant and a number of wealthy individuals.

Describing itself as a “dockless electric mobility and transportation company,” Wheels is designing its own “electric mobility platform” that is claimed to be “changing the current landscape in dockless mobility.”

Pushing past the buzzwords, Wheels has actually designed its own unique electric bike. As well be modular in design with swappable replacement parts and removable batteries “resulting in real-time dynamic maintenance upkeep,” the bikes also offer digital services.

Why isn’t clear, but the bikes allow users to “play music or listen to podcasts over Wheels with the built-in Bluetooth speakers, as well as charge your phone.”

“We believe that our design creates a safer riding experience for everyone,” the company claims on its website. “Our devices are created for commuters to get from here to there, safely.”

Based in West Hollywood, California, Wheel has already started rolling out the bikes in San Diego, with lofty ambitions to expand further afield.

It’s easy to be somewhat skeptical about yet another bike-sharing company, particularly when the competition includes Uber Technology Inc., Lyft Inc., the Ford Motor Co., Bird Rides Inc. and LimeBike Inc. But the management of Wheels comes with strong credentials, partially poached from competitors.

The newest members of the Wheels executive team include Chief Product Officer Ben Shaken, previously director of product at Lyft, and Chief Operating Officer Marco McCottry, previously an executive with Uber. Founders Jonathan and Joshua Viner previously founded the popular dog walking app Wag.

“We have always imagined a world without traffic,” Jonathan Viner said in a statement Wednesday. “When we evaluated this market, we identified a major opportunity to better serve cities with a sustainability-first approach to dockless electric mobility. We’ve spent countless research and development hours on new manufacturing and servicing models to afford first-ever offerings such as swappable part replacements and removable batteries.”

Image: Wheels