DeepDrive, a high-tech electric motor company, has secured €30 million in Series B funding. This financial backing, led by venture capital firm Leitmotif, comes at a pivotal moment as the automotive industry shifts towards electric mobility. The participation of existing investors such as BMW i Ventures and Bayern Kapital emphasizes the potential impact of DeepDrive’s innovations. The company aims to make significant strides in EV adoption by addressing both efficiency and cost, critical factors in the transition from internal combustion engine vehicles.
What Are DeepDrive’s Plans for the New Funding?
With the new capital, DeepDrive plans to advance its high-volume projects in collaboration with eight of the world’s ten largest automakers. The funds will facilitate the establishment of in-house production lines for its patented Dual Rotor motor technology.
“DeepDrive’s mission is to revolutionise the automotive industry by providing groundbreaking solutions that help automakers meet their efficiency and cost goals,” said Felix Poernbacher, Co-founder and Co-CEO of DeepDrive.
Building these production capacities is expected to accelerate the adoption of electric vehicles by making them more affordable and efficient.
How Will DeepDrive’s Technology Impact the Market?
DeepDrive’s technology claims a 20% efficiency increase and reduced costs compared to current benchmarks. This could potentially save automakers over €1 billion and significantly reduce consumer vehicle costs. The shift promises to narrow the price gap between conventional vehicles and EVs, thus promoting a more widespread transition to electric mobility.
“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,” commented Jens Wiese, Co-Founder and Managing Partner of Leitmotif.
In 2021, DeepDrive embarked on its journey with a vision to reshape the automotive landscape by focusing on efficiency and sustainability. Their initial funding rounds laid the groundwork for their innovative motor technology, which has consistently garnered attention in the automotive sector. Past reports consistently highlighted the company’s aim to reduce costs and emissions, aligning with the recent funding round’s objectives.
DeepDrive aims to contribute to CO2 emission reductions by accelerating the shift to electric vehicles. The company estimates the potential to save multiple gigatons of CO2 emissions, addressing global environmental challenges.
“DeepDrive’s patented e-motor architecture sets new standards in e-mobility,” remarked Marcus Behrendt, Managing Partner of BMW i Ventures.
Future projections suggest that widespread use of their technology could significantly lower the automotive industry’s carbon footprint.
The Series B funding will also support DeepDrive’s preparation for launching its first series of large-scale electric motor projects, expected from 2028. As the company progresses, it seeks to validate its technology through rigorous testing and vehicle integrations. This ensures their solutions meet industry standards and can effectively compete in the evolving electric vehicle market.
DeepDrive’s recent developments highlight the growing interest in electric mobility and the importance of innovation in the automotive industry. By combining capital investment with cutting-edge technology, the company positions itself as a key player in the transition to sustainable transportation. The collaboration with major automakers further underscores the potential for integration and industry advancement. As electric vehicles gain traction, the technological advancements and strategic partnerships spearheaded by DeepDrive may play a crucial role in the mass adoption of environmentally friendly transportation options.
