Actually Dennis Perry coined the acronym after the fact, not me.
I wanted something to do with the metal Silver, as it puts an emphasis on the mechanical, the metal, implies value and is not ostentatious like gold. The Silver Prince was the tag given to Walter Gropius in the book from Bauhaus to Our House by Tom Wolfe and represented a certain kind of the perfection. And then I noticed again this tasty number from Nissan, called a Silvia. The a at the end lightens and feminises the name, but an o at the end gave it back its masculine authority.
I wish I could have such luck in naming other models.
I had also a list of contending names for the company, all had to indicate a bike company and be very short and be available as a .com. Cruzbike seemed the best of that list at the time (I just looked up the original list but the other names are embarrassingly dopey so I won't cite them). I liked cruzbike because cruise is what you do on it, as Maria Parker amply demonstrated and the short spelling indicates we are doing things a little differently.