The €30 million financing for Deepdrive is led by Leitmotif, an independent venture capital fund specializing in decarbonization. Other investors included all existing investors: BMW i Ventures, the Continental Corporate Venture Capital Unit, Bayern Kapital, and UVC Partners. A total of around 50 million euros has now flowed into the Munich-based startup.
Deepdrive specializes in the development of compact, high-torque and cost-effective electric drives. Their patented Double rotor radial flow technology offers solutions to key challenges in e-mobility. On the one hand, the drive technology increases the range of electric vehicles and creates space for new battery technologies in the vehicle. Furthermore, the production of the drive train is more cost-effective than comparable systems, consumes fewer materials, and requires fewer rare earths.
Deepdrive aims to accelerate broad market launch of electric cars
With the fresh capital, the young company is able to set up modern production lines at its new location in the north of Munich and industrialize its patented twin-rotor engine technology. Currently, the startup with eight of the ten largest automobile manufacturers on various development projects. Among other things, Deepdrive, together with the BMW Startup Garage, launched its electric motor after a successful pilot project in the road test.
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 goals. We believe in a collaborative approach and work hand in hand with established players to bring our engines to the road. 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 of BMW i Ventures, says:
"Deepdrive's patented electric motor architecture sets entirely 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 advance it through innovation. With our renewed investment in the Series B round, we are pleased to participate in the company's continued growth."
And finally, the managing director of Bayern Kapital Monika Steger:
"Deepdrive technology not only enables electric vehicles with longer ranges, but also enables cost savings in automobile production. This represents a clear competitive advantage for all manufacturers that use Deepdrive's drive systems 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 further growth."
