September 20, 2024
German EV Tech Startup DeepDrive Raises €30M in Series B Funding to Further Develop its EV Motor Technology
München, Bayern, Germany –
DeepDrive, a Munich-based high-tech company specializing in advanced drive units for electric vehicles, has raised €30M in its Series B funding round. The investment round was led by Leitmotif Ventures and saw participation from BMW i Ventures, co-pace (the venture arm of Continental), UVC Partners, and Bayern Kapital. The funding was announced on September 19, 2024, and will help the company scale its revolutionary drive units for electric vehicles. The funding will enable DeepDrive to prepare for series-production.
About the company
DeepDrive founded in May 2021, specializes in developing compact, torque-dense, and cost-efficient drive units optimized for large-scale production. Their patented DeepDrive Dual Rotor technology enhances vehicle efficiency by increasing range by up to 20% while significantly lowering production costs.
This breakthrough positions DeepDrive as a key player in the electric vehicle (EV) market, where automakers prioritize both performance and affordability. The versatile design of their drive units, which can be integrated within vehicle wheels or used as a central drive, represents a leap in EV innovation. By focusing on large-scale production, DeepDrive aims to make electric vehicles more accessible.
Purpose of financing
With the newly raised funds, DeepDrive is set to accelerate the development and commercialization of its drive units. DeepDrive plans to convert high-volume projects from a strong customer pipeline, which includes 8 of the world’s top 10 automakers. The company also plans to build in-house production capabilities to industrialize its patented Dual Rotor technology aiming to bring the DeepDrive Dual Rotor into large-scale production by 2026. By delivering the highest efficiency at the lowest cost, DeepDrive seeks to accelerate the mass adoption of electric vehicles and significantly reduce their carbon footprint, setting a new standard in the EV industry.
What the company’s official has to add
“DeepDrive’s mission is to revolutionize the automotive industry by providing groundbreaking solutions that help automakers meet their efficiency and cost goals.” “This funding round marks a significant milestone, and with the support of Leitmotif and our existing investors, we are poised to fulfill the large demand from global automakers.”
—- said, Felix Poernbacher, Co-founder and Co-CEO of DeepDrive
Conclusion
With this latest funding, DeepDrive is set to take significant steps toward making its drive units a key component in the next generation of electric vehicles. DeepDrive’s technology is also poised to save multiple gigatons of Co2 emissions by accelerating the mass adoption of EVs and significantly reducing the carbon footprint of operating them.
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