Fallbrook Technologies Receives $9.3M

San Diego-based Fallbrook Technologies, a company that it developing transmission technology for the automotive and other industries, said today that it has raised $9.3M in a first close, Series C funding. The firm said that the funding is the first close of an $11M Series C preferred round which the firm expects to complete in February. Investors were not disclosed. Fallbrook reported that the pre-money valuation of the firm in this round was $120M. The company will use the funding to continue development and commercialization of a continuously variable planetary transmission, which is targeted at bicycles, light electric vehicles, agricultural equipment, automobiles, and utility class wind turbines. More information »