February 1, 2017
automotive technology company developing the world's first digital
chassis, has won a $100 million Series C preferred stock financing led
by clients advised by J.P. Morgan Asset Management, with participation
from New Enterprise Associates (NEA), Qualcomm Ventures, World
Innovation Lab (WiL), and Eileses Capital. This round brings the
company's total investment to date to over $130 million.
ClearMotion's "digital chassis" technology replaces traditional
automotive shock absorbers with software-controlled actuators, allowing
cars to interpret and react to road conditions in real time. The system
combines an unmatched level of comfort with the response and agility of
a sports car. ClearMotion's actuator technology pushes and pulls the
wheels at high speed, delivering a calm and relaxing ride experience in
what otherwise may be disturbing conditions. Proprietary software
algorithms have enabled the commercial viability of the system while
maintaining dramatic gains in performance.
in the car business is ramping dramatically, and we see an opportunity
to make our mark upon it," said Shakeel Avadhany, CEO and co-founder of
ClearMotion. "Self-driving functionality mandates a future in which cars
afford not just driving pleasure, but the utility of a mobile office. We
are focused about the quality of time in autos and how we transform it
by digitizing our relationship to the road, allowing software to control
the dynamics of the car. We are excited to work with leading automakers
and Tier-1 suppliers in making this a reality."
Jonathan Ross, Managing Director at J.P. Morgan Asset Management, is
joining ClearMotion's Board of Directors. "As the world continues to
move toward connected, autonomous cars and mobility services, the next
frontier of competition will be user-experience," said Ross. "People
spend an average of 1.5 hours per day in their cars. ClearMotion
technology transforms the in-cabin experience, keeping passengers
productive, safe, comfortable and engaged. This is central to how we
envision mobility of the future."