Technology VCs Have a $1 Billion Obsession With Car Startups
- Latest investment is $100 million for parts maker ClearMotion
- Venture capitalists’ favorite areas include autonomy, electric
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In Silicon Valley’s eagerness to invest in all things automotive, venture capitalists put $100 million into a Boston startup that makes an alternative to shock absorbers.
It’s not a particularly sexy part of the industry, but investors were sold on ClearMotion Inc.’s vision for using technology to give your car a smoother ride. Silicon Valley’s New Enterprise Associates, World Innovation Lab, Eileses Capital and Qualcomm Inc.’s VC arm were among those contributing funds. JPMorgan Chase & Co.’s asset management group led the funding round and took a seat on the company’s board of directors.