Automotive tech startup ClearMotion raises $100mn in series C funding

Venture capitalists have invested $100 million into a Boston-based automotive technology startup - ClearMotion - that is developing software-controlled suspension systems for cars.

ClearMotion, Inc. has raised $100 million in series C financing that was 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.

The latest round of funding brings the company’s total investment to over $130 million.

Founded in 2008 by Massachusetts Institute of Technology students, ClearMotion was initially dubbed as Levant Power. The company's vision is to develop a new type of shock absorber that "could convert the absorbed energy into electricity and help reduce a vehicle’s fuel consumption." The company describes this technology as “digital chassis,” that is expected to quickly identify and react to road conditions like speed bumps and potholes and improve vehicle suspension systems.

The investors are also expecting the technology to "transform the in-cabin experience, keeping passengers productive, safe, comfortable and engaged."

Shakeel Avadhany, CEO and co-founder, ClearMotion said, "Innovation in the car business is ramping dramatically, and we see an opportunity to make our mark upon it. Self-driving functionality mandates a future in which cars afford not just driving pleasure, but the utility of a mobile office. We are focused on 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."

With the latest investment, J.P. Morgan Asset Management managing director Jonathan Ross has joined ClearMotion’s Board of Directors.