ClearMotion Receives $32 Million Investment and Secures Production Order from EV Automaker
The investment and large-scale production order propel ClearMotion's game-changing active chassis technology toward global availability in 2024
BOSTON, May 23, 2023 /PRNewswire-PRWeb/ -- ClearMotion, the leading software-defined chassis company revolutionizing the in-car experience, today announced a $32 million investment. In a landmark achievement for the company, ClearMotion also secured a significant production order from an EV automaker, ensuring its ClearMotion1 (CM1) system will be accessible to consumers next year.
CM1 is ClearMotion's patented high-bandwidth active suspension technology that improves ride comfort, productivity, and safety by canceling unwanted motion in the car. Moreover, CM1 integrates with infotainment systems to deliver a truly immersive in-cabin experience. The volume production order, secured from an influential electric vehicle original equipment manufacturer to be disclosed later this year, will facilitate the transition of ClearMotion1 units into the industrialization phase of product development.
"This is an exciting time for the company and one that marks a monumental shift from development to public availability. This investment, combined with the significant production order, brings us closer to our goal of making our CM1 technology accessible to a wider audience," said Christian Steinmann, CEO of ClearMotion, "Our focus now is to establish strategic relationships with trusted manufacturers, ensuring that drivers and passengers can fully experience the transformational benefits of our system."
"ClearMotion is set to redefine the way people spend time in cars, transforming it into a productive and entertaining experience," said Tim Connor, Partner at NewView Capital. "Their recent production order highlights the immense market potential for ClearMotion's product lineup and the distinct competitive edge they have in terms of innovation and market-readiness. We are thrilled to back them as they embark on this exciting new chapter." Participating investors include NewView Capital, Acadia Woods, BAI Capital, NIO Capital, Liberty Street and others.
This latest investment follows a $39 million investment led by NIO Capital in September 2022. As the driver assistance market size is projected to reach over $124 billion by 2029, ClearMotion will now concentrate on bringing its state-of-the-art technology to market, promising an extraordinary in-cabin experience for consumers worldwide.
To learn more about ClearMotion, please visit http://www.clearmotion.com. To learn about the company's founding story and journey to date, please visit medium.com/@ClearMotionInc.
About ClearMotion
ClearMotion builds products enabling a next-generation user experience in vehicles. The company's proactive suspension and road sensing software mitigate vehicle motion across uneven road surfaces. ClearMotion was founded out of MIT and has locations in Boston, USA, Birmingham, UK, and Shanghai, China. For more information visit https://www.clearmotion.com/.
Media Contact
Anna Craven, Kickstand for ClearMotion, (857) 753 - 0727, [email protected]
SOURCE ClearMotion
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