DeepDrive secures 30 million euros in Series B round

BMW i Ventures invests in DeepDrive for the second time in an oversubscribed financing round. The round was led by Leitmotif. The high-tech company plans to make its electric motors ready for series production.

Munich, 19 September 2024 - The high-tech startup DeepDrive, which specializes in the development of innovative electric motors, has received 30 million euros in an oversubscribed Series B financing round. The main investors once again include BMW i Ventures and Leitmotif, a venture capital fund focused on decarbonization.

Whether combustion engine or electric motor: Bavaria remains the best location for the automotive industry. Companies like DeepDrive play a significant role in this.

Hubert Aiwanger, Bavarian Minister of Economic Affairs

Strong demand for e-motor technology

DeepDrive will use the new capital to bring its dual-rotor motor technology to series production readiness and meet the growing demand from eight of the ten largest car manufacturers. The motors, which offer a 20 percent increase in efficiency compared to conventional drives, have the potential to reduce costs by billions of euros and bring electric vehicles with a range of over 800 km to market.

Support from Bayern Kapital, BMW and other investors

BMW i Ventures, which already invested in the Series A round in March 2023, remained convinced by the technology. Leitmotif led the current financing round, and existing investors such as Continental, UVC-Partners and Bayern Kapital also participated again. The financing will enable DeepDrive to expand its production capacities in Munich.

The DeepDrive technology not only enables electric vehicles with a longer range, but also cost savings in automotive production. This is a clear competitive advantage for all manufacturers,

Monika Steger, Managing Director of Bayern Kapital

Sustainability and the future of e-mobility

DeepDrive is pursuing the goal of advancing electromobility through highly efficient motors and significantly reducing the CO2 footprint of vehicles in the process. Industry experts see the start-up's technology as a game changer that not only increases efficiency but also reduces the cost of electric vehicles.

We want to continue to support DeepDrive with collaborative approaches and close links between research and industry to optimize e-mobility and drive it forward through innovation.

Marcus Behrendt, Managing Partner BMW i Ventures,

We last reported in fall 2023 on a strategic strategic partnership between the start-up and Contintal on the Startbase, and in 2022 about a successful a successful round of €4.3 million. DeepDrive seems to be doing well and we are sure that we will be able to report more exciting news about the startup in the future.