Qualcomm Inc.’s growing interest in the automotive world is evident in a recently announced funding round that includes Qualcomm Ventures.
J.P. Morgan Asset Management announced Feb. 1 that it is leading a $100 million series C preferred stock financing for ClearMotion Inc. The Boston-based company is raising the money to commercialize an automobile chassis that replaces traditional shock absorbers with software-controlled actuators. ClearMotion says its technology allows cars to interpret and react to road conditions in real time.
The amount of Qualcomm Ventures’ investment was not disclosed. Other investors are New Enterprise Associates, World Innovation Lab and Eileses Capital. To date, ClearMotion has raised $130 million. Shakeel Avadhany is CEO and co-founder.
Qualcomm (Nasdaq: QCOM) has been developing semiconductors for autos, and is acquiring NXP Semiconductors N.V., which has a strong line of automotive semiconductors.
Qualcomm Ventures has a portfolio of more than 100 active companies.
