ClearMotion, a US-based company developing what it calls the world’s first digital chassis, secured $100m in series C financing from investors including mobile semiconductor technology producer Qualcomm yesterday.
Clients advised by JP Morgan Asset Management led the round, which also featured venture capital firm New Enterprise Associates, VC fund World Innovation Lab and investment firm Eileses Capital. Qualcomm participated through its Qualcomm Ventures unit.
ClearMotion is developing software-controlled actuators that will replace traditional shock absorbers in vehicles, directing their wheels to provide a steady, smooth ride regardless of speed or conditions.
The company has now raised $130m since it was founded as Levant Power in 2008 but has not disclosed details of earlier rounds or its current valuation. It has offices in Massachusetts and the UK and intends to open a third office in Silicon Valley soon.
Shakeel Avadhany, co-founder and chief executive of ClearMotion, said: “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 digitising 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.”