BOSTON, Feb. 1, 2017 /PRNewswire/ -- ClearMotion, Inc., an automotive technology company developing the world's first digital chassis, announced today 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.
"Innovation 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."
ClearMotion is a venture-backed automotive technology startup based in the Boston area. The company was founded out of the Massachusetts Institute of Technology and is focused on launching the world's first digital chassis to usher in next-generation user experience for autos. ClearMotion is led by an experienced team and backed by marquee investors. For more information, visit https://www.clearmotion.com.
About the J.P. Morgan Asset Management Private Equity Group
The J.P. Morgan Asset Management Private Equity Group (PEG) has been investing in Venture Capital since 1980. An extensive history in the space has enabled strong relationships with some of the world's most successful venture funds. The majority of PEG underlying venture-backed companies are in the technology, telecom, social networking and life science sectors. While their largest target market is in the U.S they also actively invest in China, Europe, the U.K, India and Israel. For more information, visit https://am.jpmorgan.com/us/institutional/venture-capital.
About New Enterprise Associates
New Enterprise Associates, Inc. (NEA) is a global venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. With nearly $17 billion in cumulative committed capital since inception, NEA invests in technology and healthcare companies at all stages in a company's lifecycle, from seed stage through IPO. The firm's long track record of successful investing includes more than 200 portfolio company IPOs and more than 320 acquisitions. For more information, visit http://www.nea.com.
About Qualcomm Ventures
Qualcomm Incorporated is a world leader in 3G, 4G and next-generation wireless technologies. Qualcomm Ventures was formalized in 2000 and currently has a portfolio of more than 100 active companies and 20 investment managers across the globe. For more information, visit https://www.qualcommventures.com.
About World Innovation Lab
World Innovation Lab (WiL) is a venture capital firm that helps technology companies grow into lasting global ventures by driving new business opportunities with Japan's top corporations. WiL manages $360M in capital from Japanese corporations such as ANA, Sony, NTT Group, JVC Kenwood, Nissan, Daiwa Securities, Mizuho Bank, Seven Bank and others. For more information, visit http://wilab.com/en/.