E-bike and scooter rental businesses are struggling, but it’s boom times for companies with Chinese roots that make the vehicles, as commuters increasingly snap them up.

Several such e-bike manufacturers have attracted venture capital this year, including Aventon, which is based in the U.S. and China. Sequoia Capital’s Chinese arm is leading a funding round in the company at a post-investment valuation of $590 million, compared to a $200 million valuation in a fundraising eight months ago, according to two people with knowledge of the matter. The price implies Sequoia Capital China is valuing the company at no more than several times its forward sales, reflecting the lower potential profits for a hardware manufacturer compared to a software maker.