Just recently, Deepdrive co-founder Felix Poernbacher revealed in an update interview that his startup would “soon raise new capital again.” Now it’s happening: With BMW i Ventures and Continental Corporate Venture Capital Unit, the Munich-based company has convinced two prominent venture capital providers from the mobility industry. And existing investors UVC Partners and Bayern Kapital are also joining the 15 million euro series A round.
Deepdrive plans to use the fresh capital to start industrial production of its motors and continue growing its team. This way, the startup also wants to meet rising market demand. According to its own information, it is already working with eight of the ten largest automotive manufacturers. By 2026, the Munich-based company’s technology is to be brought to market in mass production.
With Deepdrive’s technology – a so-called radial flux dual rotor motor including power electronics – a vehicle should be able to travel 20 percent further or require 20 percent smaller batteries for the same range. Additionally, the motor should require fewer rare earths in production at equal performance. The technology can be installed in series vehicles both as a central drive and as a wheel hub drive.
Co-founder and CEO Felix Pörnbacher says:
“The efficiency of electric vehicles is one of the biggest challenges for almost all automotive manufacturers. We have developed a key technology with our dual rotor drive that directly addresses this problem and is generating extremely high interest from the industry. With our focus on disruptive innovation combined with professional mass production experience, we see ourselves as a pioneer in electrification for mobility. We are now looking forward to bringing this technology to the road together with our new, strong partners and existing supporters and winning first series projects.”
“Deepdrive will set new standards in e-mobility”
Marcus Behrendt, managing director at BMW i Ventures, comments on the investment:
“Deepdrive will set entirely new standards in e-mobility with its patented e-motor architecture. The highly efficient e-motors bring significant advantages in weight, cost, and space utilization, enabling the next generation of electric vehicles. Deepdrive’s e-motor technology is designed for simple and cost-effective mass production. Scaling to mass production is our stated goal. We are pleased that with our stake, we can help this new technology achieve a breakthrough.”
Jürgen Bilo, managing director of Continental Corporate Venture Capital Unit, adds:
“After evaluating the overall concept as well as the motor’s efficiency, we are convinced that Deepdrive can significantly advance the market penetration of electromobility. This technology combined with Deepdrive’s excellent team convinced us to invest in the company.”
Andreas Unseld, general partner at UVC Partners, assesses the new investment round as follows:
“The future of mobility is clearly electric. In recent years, we have witnessed strong acceptance of electric vehicles, but range and cost are still a challenge. Both are addressed by Deepdrive’s innovative solution. The series A now conducted with BMW i Ventures and Continental’s Corporate Venture Capital Unit demonstrates Deepdrive’s competitiveness. We are very proud to welcome such great partners on the journey ahead. Deepdrive is an excellent example of how the startup ecosystem, together with established companies, can develop and scale deep-tech solutions that keep Europe competitive and contribute to solving the climate crisis.”
