SoftWheel Raises $25 Million to Reinvent the Wheel
An investor in the round was Japan's Musashi Seimitsu, which also signed a strategic collaboration agreement with the Israeli company
Tel Aviv-headquartered SoftWheel Ltd. has raised $25 million in a third funding round according to a company valuation of $140 million, the company announced Monday. SoftWheel previously raised $15 million, according to PitchBook Data.
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Japan-based auto parts manufacturer Musashi Seimitsu Industry Co. Ltd. invested $6 million in the round, and signed a strategic collaboration agreement with SoftWheel to develop and manufacture automotive technology. SoftWheel already has several big-name collaborations under its belt, including with Ford and Italian industrial manufacturer IVECO S.p.A.
SoftWheel co-founder and CEO Daniel Barel. Photo: PR
Founded in 2011, SoftWheel develops a shock absorbing wheel that includes an in-wheel adaptive suspension system for the bicycle, automotive and wheelchair industries. The company employs 40 people.
In April, SoftWheel co-founder and CEO Daniel Barel told Calcalist in an interview that the company “want(s) to make the jump to automotive.”
- Ford and Iveco Partner Up with Next-Generation Wheel Company
- Auto Parts Maker Linamar Partners with Israeli Startup to Produce Shock-Absorbing Wheels
- Ant Financial Looking to Invest in Israeli Startups
SoftWheel’s technology is unique and will lead the automotive industry in the future, said in a statement Mushashi CEO Hiroshi Otsuka.
