DeepDrive closes major funding round

In a LinkedIn post, the German startup writes that it has secured €30 million in funding, and plans to “convert high-volume projects in our strong customer pipeline of 8 of the world’s top 10 automakers.” The company also intends to build out its in-house production and “industrialise our patented Dual Rotor technology,” which DeepDrive writes will help accelerate the mass adoption of electric vehicles. The company writes about a 20 per cent range improvement for EVs using its drive technology.

“Our mission is to revolutionise the automotive industry by providing manufacturers with pioneering solutions for the efficient and cost-effective production of electric vehicles,” said Felix Pörnbacher, co-founder and co-CEO of DeepDrive GmbH, adding: “Our collaborative approach is central to this: we work hand in hand with our partners to bring our drives to the road. The current financing round represents a significant milestone for us, because with the support of our new and existing investors, we are able to address the high demand for our solutions in the international automotive industry.”

Among the backers are existing investors BMW, Continental, UVC Partners and Bayern Kapital, and new investor Leitmotif. Just a few months ago, BMW had also launched drive tests together with DeepDrive.

Marcus Behrendt, Managing Partner of BMW i Ventures, added: “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 to support DeepDrive with collaborative approaches and close links between research and industry to optimise e-mobility and drive it forward through innovation. With our renewed investment in the Series B round, we look forward to participating in the company’s further growth.”

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