Israel’s SoftWheel, which develops next generation of wheels for the automotive industry, raised $25 million in a third financing round.
The investment by and collaboration with Musashi Seimitsu, Japan-based auto parts manufacturer, partly owned by Honda Motor Company, gives SoftWheel a market valuation of $140 million, the company announced Monday. The company has raised $35 million to date.
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Musashi Seimitsu Industry invested $6 million in the round and signed a strategic collaboration agreement with SoftWheel to develop and manufacture automotive technology.
This round includes existing and new financial investors, as well as additional automotive strategic partners.
Founded in 2011, by CEO Daniel l Barel, CTO Ahishay Sardes, and CFO Guy Wollmann, SoftWheel develops an energy-efficient and energy-absorbing wheel system. The reinventing wheel enabling the fusion of the drivetrain, suspension, e-motor, steering, and brakes into the vehicle’s wheel. The in-wheel adaptive suspension system is built for the automotive, bicycle and wheelchair industries. The company employs 40 people.
Musashi is a global, multibillion-dollar Japanese Tier1 company with 30 manufacturing sites worldwide and a strong innovative spirit that specializes in the production of drivetrain and suspension systems.
“I am thrilled to embark on this collaboration with Musashi, which brings strong engineering and manufacturing value to SoftWheel. Their unique corporate culture and innovative spirit are a perfect match for SoftWheel and we look forward to an exciting journey together to shape the future of transportation,” says Daniel Barel, CEO of SoftWheel.
“We see great interest coming from automotive components manufacturers, as well as OEMs who recognize and value our technology and revolutionary solution. As a technology company, we are looking to partner with the world’s best automotive components manufacturers, such as Musashi, to bring our technology to market,” he adds.
Hiroshi Otsuka, CEO of Musashi, says, “SoftWheel brings a unique solution to future automotive platforms and we are enthusiastic about the opportunity to work with such an innovative team. Our technology is poised to lead the future of automotive transformation.”