Munich-based electric motor startup DeepDrive has successfully raised €30 million in its Series B financing round, aimed at expanding and industrializing its production capacities. The company plans to utilize the new funds to advance high-volume projects with eight of the world’s top ten automakers in its customer pipeline.
DeepDrive intends to enhance its in-house production capabilities and further develop its patented Dual Rotor technology, which is projected to improve the range of electric vehicles by 20%. Co-founder and co-CEO Felix Pörnbacher emphasized the company’s mission to revolutionize the automotive industry by providing efficient and cost-effective solutions for electric vehicle production. He noted that the financing round marks a significant milestone in meeting the growing demand for their technology.
The funding round saw participation from existing investors such as BMW, Continental, UVC Partners, and Bayern Kapital, alongside new investor Leitmotif. Earlier this year, BMW began conducting drive tests in collaboration with DeepDrive.
Marcus Behrendt, Managing Partner of BMW i Ventures, expressed confidence in DeepDrive’s innovative e-motor architecture, which he believes sets new standards in e-mobility. He affirmed the firm’s commitment to supporting DeepDrive’s growth through collaborative efforts and connections between research and industry.
