The Ex-Segway Team Building a Smart ATV Europe Isn't Ready For A Chinese hardware team with Segway pedigree is building a software-rich electric ATV — and Hillhouse-tier capital is lining up behind it. Europe's off-road market is growing fast, electrifying faster, and largely unprepared for what's coming down the trail. ## What happened in China ModMax, a Chinese smart mobility startup founded by veterans of Segway's consumer hardware operation, has raised funding to develop a connected, electric all-terrain vehicle targeted at global outdoor recreation markets. The company is building what it describes as a software-defined ATV — hardware with the kind of over-the-air update capability, sensor integration, and ride-data intelligence that legacy powersports brands have been slow to embed in their products. The fundraise lands in a moment of unusually concentrated capital deployment in Chinese consumer hardware. Hillhouse Investment launched fundraising for its next private equity fund targeting $7…