Munich-based DeepDrive, a high-tech electric motor company, has landed €30 million in Series B funding. The oversubscribed round was led by Leitmotif, an independent venture capital firm, active in both the US and Europe dedicated to decarbonisation investments. It saw participation from all existing investors, BMW i Ventures, co-pace, the corporate venture unit of Continental, UVC Partners, and Bayern Kapital (which invested in XO Life and Symphera), through the Wachstumsfond Bayern.
Plans to build in-house production lines
With this latest capital, DeepDrive is poised to convert high-volume projects in its strong customer pipeline of 8 of the world’s 10 largest automakers. The funding will also enable the company to build in-house production lines and industrialise its patented Dual Rotor motor technology to accelerate the mass adoption of electric vehicles (EVs).
The company is also gearing up for the launch of its first series of ultra-efficient large-scale electric motor projects from 2028.
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.”
Advanced electric motors
Founded by Felix Poernbacher, Stefan Ender, Alexander Rosen and Christopher Rommelmayer, DeepDrive makes electric motors for the automotive industry and beyond.
It’s technology is poised to save multiple gigatonnes of CO2 emissions by accelerating the mass adoption of EVs and reducing the carbon footprint of operating them. Compared to today’s EVs, DeepDrive’s technology can save up to five tonnes of lifetime CO2 emissions per vehicle. This supports global efforts towards sustainability and significantly contributing to the fight against climate change.
In addition, DeepDrive boasts a 20% efficiency increase and significant cost reduction potential compared to benchmarks, enabling automakers to bring high-volume EVs with more than 800 km of range to market.
When deployed at scale, these 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, said: “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.”
Dr. Peter Mertens, Current Board Member and Investor in DeepDrive and Former Board Member & CTO of Audi & Volvo, commented :“The benchmarks in performance, and sustainability DeepDrive has achieved will not only be a game changer in terms of efficiency and cost savings for automakers, but it will also significantly reduce the carbon footprint of EVs. I’m delighted to see that alongside previous recognition from industry leaders, yet another VC has recognised and invested in DeepDrive’s potential.”
