DeepDrive closes Series A in the amount of EUR 15 million

Munich-based start-up DeepDrive has raised €15 million in its Series A financing round. VC firms BMW i Ventures and Continental Corporate VC Unit made their first investment in DeepDrive's radial flow dual engines. Existing investors UVC Partners and Bayern Kapital also participated in the financing.

DeepDrive has developed a patented radial flux dual rotor motor, including power electronics, that can be installed in production vehicles as a central drive as well as a wheel hub drive. The new technology allows a vehicle to travel 20 percent farther or require 20 percent smaller batteries with this drive solution. The use of DeepDrive motors can save significant costs and make electric mobility more attractive.

"DeepDrive will set completely new standards in e-mobility with its patented e-motor architecture. The highly efficient e-motors bring major benefits in terms of weight, cost and space utilization, thus enabling next-generation e-vehicles. DeepDrive's e-motor technology is designed for easy and cost-effective high-volume production. Scaling to high volume production is our stated goal. We are pleased that our involvement can help this new technology achieve a breakthrough."

Marcus Behrendt, Managing Director at BMW i Ventures

The company is already working with eight of the top ten automakers and aims to bring its technology to market in large-scale production by 2026. The fresh capital will be invested in the industrial production of the engines and the growth of the company's workforce.