The 30-million-euro financing for Deepdrive is led by Leitmotif, an independent venture capital fund specializing in decarbonization. All existing investors also participated: BMW i Ventures, Continental Corporate Venture Capital Unit, Bayern Kapital, and UVC Partners. In total, around 50 million euros have now flowed into the Munich startup.
Deepdrive specializes in developing compact, high-torque, and cost-effective electric drives. Its patented dual-rotor radial-flux technology provides solutions to key challenges in e-mobility. On the one hand, the drive technology increases the range for electric vehicles and creates space for new battery technologies in the vehicle. Production of the drive system is also cheaper than comparable systems, uses fewer materials, and requires fewer rare earth elements.
Deepdrive aims to accelerate broad market rollout of electric cars
With the fresh capital, the young company is able to build modern production lines at its new location north of Munich and industrialize its patented dual-rotor motor technology. Currently, the startup is working with eight of the ten largest automakers on various development projects. Among other things, Deepdrive brought its electric motor to road testing together with BMW Startup Garage following a successful pilot project.
Felix Poernbacher, co-founder and co-CEO of Deepdrive, comments:
“Our mission is to revolutionize the automotive industry by offering groundbreaking solutions that help automakers achieve their efficiency and cost targets. We believe in a collaborative approach and work hand in hand with established players to bring our motors to market. This funding round marks a significant milestone, and with the support of Leitmotif and our existing investors, we are preparing to meet the strong demand from global automakers.”
Marcus Behrendt, managing partner at BMW i Ventures, says:
“Deepdrive’s patented e-motor architecture sets completely new standards in e-mobility – we were already convinced of this at the time of our lead investment in March 2023. We want to continue supporting Deepdrive with collaborative approaches and close connections between research and industry to optimize e-mobility and drive it forward through innovation. With our renewed investment as part of the Series B round, we are pleased to participate in the company’s continued growth.”
And finally, Bayern Kapital CEO Monika Steger comments:
“Deepdrive technology not only enables electric vehicles with greater range, but also cost savings in automotive production. That is a clear competitive advantage for all manufacturers using Deepdrive drives in their electric vehicles. Deepdrive’s concept and prospects already convinced us in the seed round, which is why we are happy to invest in the company’s continued growth.”
