Mitsubishi Joins Investment Round for Next Generation Wheel Startup SoftWheel
SoftWheel develops a shock absorbing wheel that includes an in-wheel adaptive suspension system for the bicycle, automotive and wheelchair industries
Mitsubishi Corporation has joined the investment round for Tel Aviv-headquartered SoftWheel Ltd., SoftWheel co-founder and CEO Daniel Barel confirmed to Calcalist Thursday.
For daily updates, subscribe to our newsletter by clicking here.SoftWheel develops a shock absorbing wheel that includes an in-wheel adaptive suspension system for the bicycle, automotive and wheelchair industries. Founded in 2011, the company has a research and development center in Israel and several manufacturing lines, and employs 70 people.
In August, Softwheel announced it has raised $25 million in a third funding round according to a company valuation of $140 million. Japanese auto parts manufacturer Musashi Seimitsu Industry Co. Ltd. invested $6 million in the round and signed a strategic collaboration agreement with the startup.
According to documents reviewed by Calcalist, Mitsubishi has acquired a 5% stake in the company. Softwheel has declined to comment on the financial details of the deal. Mitsubishi has yet to reply to a request for comment.