Peloton is in fact the French word for platoon. I'd be highly surprised if the bike maker had the legal standing for issue infringement claims. Just as you can't copyright the word "bicycle", peloton is used widely enough that they should be fine. Then again, Jade the preprocessor was forced to rebrand as Pug.
Peleton is a word referring to the main group in a bicycle endurance race, so it's not the same as calling your software "Wal-Mart." In this case it seems like the fact they are in completely different markets would be sufficient.