ClearMotion Announces Financing of $39 Million Led By NIO Capital
Financing comes on the heels of commercial traction for its CM1 product which delivers a next-generation ride experience in vehicles
BOSTON, Sept. 7, 2022 /PRNewswire-PRWeb/ -- ClearMotion, the leading software-defined chassis company with the vision to transform the quality of time in motion, today announced a $39M financing led by NIO Capital with additional investors including BAI Capital, Franklin Templeton, NewView Capital, and Acadia Woods Partners.
The financing will be used for a planned 2024 launch of ClearMotion's CM1 technology, with plans to expand globally. CM1 is ClearMotion's patented high-bandwidth active suspension technology that cancels unwanted motion in the car to improve ride comfort, productivity, and safety. Looking towards the mobility experience of the future, CM1 will create an unparalleled immersive in-car entertainment experience.
"NIO Capital's financing will support CM1 industrialization, bringing it closer to consumers. This is a great validation for our vision," says Christian Steinmann, CEO of ClearMotion.
ClearMotion has always been focused on premium segment differentiation in order to provide comfort and safety. As the auto industry has evolved, demand for companies to adapt to today's megatrends such as AR, the metaverse, and electrification has grown. According to a recent report from Boston Consulting Group, the global Metaverse market size is expected to reach $250bn to $400bn by 2025.
Now, more than ever, there's an increased pressure on smart vehicles to deliver a more immersive physical and technological experience, with a focus on giving customers everything they need for productive and entertaining in-car passenger time at their fingertips. The capabilities are present in many vehicles - premium cars are already equipped with high end sound systems, large screens, and immense comforts - but the technology in market today has yet to meet the demand.
"For next-era smart vehicles, ClearMotion will accelerate the transformation of auto from transportation tool to mobile living space," says Ian Zhu, Managing Partner at NIO Capital. "Dedicated to the field for over 10 years, ClearMotion now holds the prospect of mass production. NIO Capital is pleased to financially support ClearMotion."
"We believe that the comfort and safety benefits which can only be achieved with fully-active suspension will be a vital signature to top OEMs in the smart driving era ahead," says Annabelle Long, Founding and Managing Partner of BAI Capital. "With the ClearMotion team's deep talent and best-in-class technology, BAI anticipates their mass production modules to bring disruptive effects to the automotive industry."
With this financing, ClearMotion is delivering on its vision to incorporate its technology into this new immersive in-car experience. Customers of the CM1 technology will be able to enhance their user experience and cement themselves as a pioneer in the premium smart electric vehicle market.
About ClearMotion
ClearMotion builds products enabling a next-generation user experience in vehicles. The company's active suspension and proactive road sensing software combine software and hardware to mitigate vehicle movement across uneven road surfaces. ClearMotion was founded out of MIT and has locations in the greater Boston area and Birmingham, UK. For more information visit https://www.clearmotion.com/.
About NIO Capital
Founded in 2016, NIO Capital is a professional investment firm that focuses on investments in energy, automobiles, and deep technology sectors. NIO Capital insists on ESG sustainable investments with a focus on innovations in decarbonization and digitalization. NIO Capital has a diversified team with deep industry background and professional investment capabilities, along with the industry's top-tier resources and network. We have a sound understanding of entrepreneurship and deep insights into the investment sectors. We can provide multi-dimensional support to portfolio companies, helping grow grand visions into great companies.
Media Contact
Anna Craven, Kickstand for ClearMotion, 857-753-0727, [email protected]
SOURCE ClearMotion
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