SoftWheel is Delighted to Announce an R&D and Manufacturing Partnership, as well as an Investment by Musashi Seimitsu, a Leading Automotive Tier1 Player
TEL AVIV, Israel--(BUSINESS WIRE)--Aug 20, 2018--SoftWheel is strengthening its position in the automotive sector through partnerships with leading Tier1 and Tier2 automotive players. The investment by and collaboration with Musashi Seimitsu (TYO:7220), a global automotive Tier1 manufacturer, partly owned by Honda Motor Company, will ensure the highest standards of manufacturing of SoftWheel’s automotive systems and will support its successful market penetration.
Musashi’s investment is part of SoftWheel’s third round of investment, which includes existing and new financial investors, as well as additional automotive strategic partners. The current round represents a market valuation of half a billion ILS for SoftWheel.
SoftWheel’s cutting-edge technology fuses the drivetrain, suspension, e-motor, steering and brakes into the wheel. It therefore provides a significant reduction in volume, weight, and energy consumption. SoftWheel’s disruptive in-wheel technology is recognized as the enabler of future vehicle platforms including EV, hybrid and autonomous vehicles.
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 innovation 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 and we look forward to the opportunity to work together with SoftWheel to develop and manufacture this solution for OEMs.”
This current investment round is being led by Rothschild Bank, which advises SoftWheel on strategy, tactics, and transaction structures.
Musashi Seimitsu Industry Co., Ltd. is a global auto parts Tier1 company for automobiles and motorcycles, whose headquarters is located in Toyohashi, Japan. Its 30 manufacturing locations are spread across Europe, North and South America, China, and South East Asia. Musashi specializes in designing, development, and manufacturing of powertrain products, including Differential Assemblies, Planetary Gear Assemblies, Transmission Gears and Assemblies, and Reduction Gears for xEVs, which are supplied to global major OEMs and Tier1s. Linkage and suspension products are other strategic products of Musashi. Musashi is listed on the first section of Tokyo Stock Exchange (TYO: 7220).
Established in 2011, SoftWheel is a technology company headquartered in Tel Aviv, Israel.
SoftWheel develops cutting edge systems for the automotive industry, enabling the fusion of the drivetrain, suspension, e-motor, steering, and brakes into the vehicle’s wheel. Its innovative technology enables significant reduction in space, weight, and energy consumption of vehicle platforms for EV, hybrid, and autonomous vehicles.
SoftWheel is also active in the personal mobility sector, providing in-wheel technology for wheelchair and bikes. SoftWheel’s system reduces pain for wheelchair riders and increases their comfort, significantly improving the daily riding experience.
SoftWheel is active in North America and Europe and is providing its wheelchair technology to American veterans through its partnership with Ki Mobility and to the general U.S. market through Numotion. As medical devices, SoftWheel’s wheels, which are clinically proven to provide benefits and are FDA and CE approved, are reimbursed in select global markets.
View source version on businesswire.com:https://www.businesswire.com/news/home/20180820005441/en/
KEYWORD: UNITED STATES NORTH AMERICA CANADA MIDDLE EAST ISRAEL
INDUSTRY KEYWORD: TECHNOLOGY ELECTRONIC DESIGN AUTOMATION OTHER TECHNOLOGY MANUFACTURING AUTOMOTIVE MANUFACTURING OTHER MANUFACTURING AUTOMOTIVE OTHER AUTOMOTIVE
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PUB: 08/20/2018 11:59 AM/DISC: 08/20/2018 11:59 AM