DeepDrive, a Munich, Germany-based electric motor company, raised €30M in Series B funding.
The round was led by Leitmotif with participation from all existing investors, BMW i Ventures, co-pace, the corporate venture unit of Continental, UVC Partners, and Bayern Kapital, through the Wachstumsfond Bayern.
The company intends to use the funds to convert high-volume projects in its customer pipeline of 8 of the world’s 10 largest automakers (currently in co-development) and to build in-house production lines and industrialise its patented Dual Rotor motor technology to accelerate the mass adoption of electric vehicles (EVs).
DeepDrive an electric motor company whose patented Dual Rotor motor topology does not only enable high-volume EVs with >800 km of range but also can save automakers more than €1 billion in costs when deployed at scale. Additionally, it enables EVs to reduce carbon emissions, potentially saving multiple gigatonnes of Co2 emissions over the EV fleet’s lifetime.
Versatile in design, DeepDrive’s technology can be integrated into the wheels or employed as a traditional central drive.
This latest funding followed a €15M Series A in March 2023.
FinSMEs
19/09/2024