DeepDrive, a high-tech electric motor company setting new benchmarks in efficiency, performance, and sustainability, announced the closure of an oversubscribed €30 million Series B funding round.
The round was led by Leitmotif –an independent venture capital firm, active in both the U.S. and Europe dedicated to decarbonisation investments – with participation from all existing investors, BMW i Ventures, co-pace – the corporate venture unit of Continental – UVC Partners, and Bayern Kapital through the Wachstumsfond Bayern.
With this latest capital and backing, DeepDrive is poised to convert high-volume projects in its strong customer pipeline of 8 of the world’s 10 largest automakers (currently in co-development). The funding will also enable the high-tech company to build in-house production lines and industrialise its patented Dual Rotor motor technology to accelerate the mass adoption of electric vehicles (EVs).
DeepDrive’s technology boasts a 20 percent efficiency increase and significant cost reduction potential compared to benchmarks, enabling automakers to bring high-volume EVs with more than 800km of range to market. When deployed at scale, DeepDrive’s motors can potentially save automakers more than €1 billion in costs. For consumers, this will halve the price gap between internal combustion engine vehicles (ICEs) and EVs.
Felix Poernbacher, Co-founder and Co-CEO of DeepDrive, commented: “DeepDrive’s mission is to revolutionise the automotive industry by providing groundbreaking solutions that help automakers meet their efficiency and cost goals. We believe in a collaborative approach, working hand-in-hand with established players to get our motors on the streets. This funding round marks a significant milestone, and with the support of Leitmotif and our existing investors, we are poised to fulfil the large demand from global automakers.”
The investment comes at a critical time for the automotive industry, as it transitions to the e-mobility era. Partnerships between established players and innovative high-tech companies, such as DeepDrive, are crucial for long-term success.
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. Compared to today’s EVs, DeepDrive’s technology can already save up to five tonnes of lifetime Co2 emissions per vehicle. When multiplied across the entire EV fleet, alongside expediting the faster shift from internal combustion engine (ICE) vehicles to EVs, this technology is projected to reduce emissions by multiple gigatonnes. This supports global efforts towards sustainability and significantly contributing to the fight against climate change.
Jens Wiese, Co-Founder and Managing Partner of Leitmotif, said: “Investing into innovators that have the potential to become category-defining companies, transforming their respective industries is at the heart of Leitmotif’s strategy. Our investment in DeepDrive builds upon this mission. Its innovative technology has already attracted interest from some of the world’s largest automakers and is set to help them build the most efficient EVs through its collaborative business model.”
Read the orginal article: https://www.eu-startups.com/2024/09/munich-based-deepdrive-raises-e30-million-series-b-to-build-production-lines-of-ev-motor-tech/
