DeepDrive, a cutting-edge electric motor company, recently secured €30 million in an oversubscribed Series B funding round, led by Leitmotif, a US venture capital firm focusing on decarbonisation. This new capital injection builds upon a prior €15 million Series A in March 2023 and comes from a range of investors, including BMW i Ventures, UVC Partners, and Bayern Kapital. DeepDrive plans to leverage the funds to scale up its patented Dual Rotor motor technology, which is currently being co-developed with 8 of the world’s top 10 automakers. The company’s motors are designed to offer a 20% increase in efficiency and notable cost savings, positioning it to help automakers introduce more affordable electric vehicles (EVs) with longer ranges, potentially saving them over €1 billion in production costs.
This funding comes at a pivotal moment as the automotive industry shifts towards e-mobility. DeepDrive’s technology is expected to not only reduce vehicle costs but also significantly lower the carbon footprint associated with EVs. Its innovations could save up to five tonnes of lifetime CO2 emissions per vehicle, translating into multiple gigatons of savings across the global EV fleet. Company leaders such as Co-CEO Felix Poernbacher and investors like Dr. Peter Mertens believe this development will be a game changer, supporting both the economic goals of automakers and broader sustainability efforts. With rigorous testing and industrialization plans in place, DeepDrive aims to launch large-scale electric motor projects by 2028.
