Two of the world’s biggest automakers, BMW and Continental, have invested in the Munich-based start-up, DeepDrive, which has developed a groundbreaking electric motor technology for production vehicles. The €15 million Series A financing round also included existing investors UVC Partners and Bayern Kapital with its Bavarian Growth Fund, and former Audi development board member Dr Peter Mertens.
DeepDrive’s patented radial flux dual rotor motor technology can be installed as a central drive or a wheel hub drive. Its architecture allows for a higher torque and power density, resulting in 20% more range or 20% smaller batteries than other drive technologies. This breakthrough in efficiency is crucial in meeting the increasing market demand for electric vehicles.
According to co-founder and CEO Felix Pörnbacher, the company’s goal is to start industrial production of the engines and grow its team. DeepDrive is already working with eight of the ten largest car manufacturers and intends to bring its technology to the market in large-scale production by 2026.
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BMW i Ventures’ Managing Director, Marcus Behrendt, said, “DeepDrive’s e-motor technology is designed for simple and cost-effective large-scale production. We are pleased to be able to help this new technology achieve a breakthrough with our investment.” Continental’s Corporate Venture Capital Unit’s Managing Director, Jürgen Bilo, added, “We are convinced that DeepDrive can decisively drive the market penetration of electric mobility.”
DeepDrive’s new investment round, which follows a €4.3 million first financing round in February 2022, brings the total investment in the company to €19.3 million. The company’s disruptive innovation, coupled with its professional large-scale production experience, positions it as a pioneer of electrification for mobility. With the backing of these industry giants, DeepDrive is set to revolutionize electric vehicle motors and change the future of transportation.
