Israeli smart wheel startup SoftWheel, which has developed technology for integrating shock absorbers into wheels for any vehicle, has completed its third financing round, raising $10 million and bringing the total raised by the company since it was founded to $15 million.
In its announcement, the company explained that its absorption technology within the wheel was adaptive and symmetrical, and worked only when it encountered an obstacle (a fall, pothole, etc.), and was inflexible the rest of the time. The technology has advantages, such as energy saving, lower production and maintenance costs for vehicles, and safer traveling. The technology is currently being applied in the wheels of bicycles and wheelchairs. The company is in the advanced stages of entering the bicycle and shared transportation segments in various cities around the world.
"The company recently signed distribution and strategic cooperation agreements for both wheelchairs and bicycles," said SoftWheel CEO Daniel Barel. "The technology that we are offering operators of bicycle sharing set-ups and municipalities around the world makes it possible to not only substantially cut maintenance costs, but also to materially improve the rider's safety and the comfort of the trip. In addition, a second Israeli production line is currently being completed, and towards the end of the year, we'll set up another production line overseas, in addition to our US production line."
SoftWheel has a strategic agreement with US company Numotion, in which both companies will market SoftWheel products designed for the US wheelchair market, and will do cooperative business amounting to a few million dollars a year.
In the coming days, SoftWheel is expected to lead activity in the shared transportation segment, with projects in cities such as Madrid, Milan, New York, and Los Angeles.
Published by Globes [online], Israel Business News - www.globes-online.com - on May 3, 2017
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