The financing will be used to support the 2024 debut of ClearMotion's fully active suspension CM1, which eliminates the sway in the car that disrupts the ride.
(Image credit: ClearMotion)
Despite the risk of a US-China decoupling being a concern for many, capital from both countries is still investing in each other's companies, at least in the automotive sector.
Nio Capital has led a new $39 million round of funding for automotive technology company ClearMotion, the fund established by William Li, founder, chairman and CEO of Nio, announced today.
The financing will be used to support the 2024 debut of ClearMotion's fully active suspension CM1 and its global rollout, according to a press release from Nio Capital.
The release doesn't mention much about ClearMotion's background, though information on the US startup's website indicates that it is a Boston-based company that aims to make car rides less bumpy.
CM1, ClearMotion's high-performance active suspension technology, reduces motion sickness and improves ride comfort and safety by eliminating the sway in the car that disrupts the driving riding experience.
Nio Capital's investment will support the mass production of CM1, bringing the technology closer to consumers, said ClearMotion CEO Christian Steinmann.
For the next generation of smart cars, ClearMotion will accelerate the transformation of the car from a vehicle to a mobile living space, according to Nio Capital managing partner Zhu Yan.
ClearMotion is focused on building differentiation in the premium segment to deliver a comfortable, safe driving experience, said the press release from Nio Capital, adding that AR, metaverse and electrification trends have emerged that will drive up demand for the company's products.
CM1 customers will be able to witness an enhanced in-vehicle experience and solidify their leadership in the premium smart electric vehicle market, according to Nio Capital.
Nio Capital shared a video showing how ClearMotion's CM1 will make car rides more comfortable.
Separately, TechCrunch quoted Steinmann as saying that getting Nio Capital's backing was a key step in ClearMotion's expansion in China.
"It was like seek and find together," said the executive when asked how he encountered the fund," said the executive when asked how he encountered the fund. "Nio Capital itself is very strong in supporting (global) companies in getting a footprint in China."
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