Mitsubishi is investing in the Israeli startup Softtwheel and will get 5% ownership

The Japanese automaker, Mitsubishi is investing for the first time in an Israeli company, the Israeli company Softtwheel, which developed a wheel that combines shock absorbers. The development enables weight saving, reduced energy consumption, improved travel comfort and is adapted to the era of electric vehicles.

The investment is based on a company value of $ 100 million and Mitsubishi will receive a 5% stake in the company. Softwheel was founded in 2011 by Achisi Sardes and Daniel Barel. The company first developed wheels that combine shock absorbers for wheelchairs. The company developed into the field of transportation with products for the bicycle and automotive markets. Today, the company employs 70 workers in the development center in Israel and in production lines around the world.
The company is preparing for another fund raising round at a value expected to be $ 400 million. "We are looking mainly for suppliers for the automotive industry, but not direct investments from car manufacturers that may keep us away from competing car manufacturers," said Daniel Barel, CEO of Softwheel. The maximum share we offer to suppliers is 5% to enable as many organizations as possible to participate in recruiting and opening doors to the unique technology we developed. "
In addition, Softwheel is participating in the European Union's HORIZON 2020 project, which aims to examine technologies that will define the vehicles of the future and help reduce pollutant emissions. Softwheel's role in the project is to develop advanced vehicle systems within the wheel cavity, including a suspension system that will enable improved shock absorber, and a propulsion system that will combine compact and electric motors within the wheels. SoftVille's technology utilizes the wheel's volume and transmits systems to significantly reduce the volume and weight of the vehicle for cargo, passengers and batteries.