New E-Motor Technology: DeepDrive Raises Series A Round of €15m
Munich, March 21, 2023 – Munich-based electric motor startup DeepDrive announced the closing of its Series A investment lead by BMW i Ventures and Continental's Corporate Venture Capital Unit. DeepDrive has developed a dual-rotor radial flux motor that enables the next generation of more affordable and sustainable electric vehicles.
The motor extends the range of electric vehicles, is cheaper to produce and more resource efficient. DeepDrive has raised a total of €15 million in its Series A round. Additional investors include existing investors UVC Partners and Bayern Kapital with the Wachstumsfonds Bayern. The company is also backed by renowned automotive manager and former Audi development board member Dr. Peter Mertens.
The dual-rotor motor in radial flux topology includes power electronics and can be installed in series vehicles either as a central drive or as a in-wheel drive. The patented technology achieves extremely high torque density and efficiency, and is very cost-efficient as well as easy to manufacture in large-scale production. Another advantage: The motors increase the range of electric vehicles by approximately 20 percent. In addition, the motor requires less rare earth materials than conventional concepts, which plays a crucial role in reducing carbon emissions and protecting the environment.
Marcus Behrendt, Managing Director at BMW i Ventures, said: "With its patented and unique e-motor architecture, DeepDrive will set completely new standards for e-mobility. The highly efficient e-motors offer major advantages in terms of weight, cost and space. They enable the next generation of efficient and resource-saving electric vehicles. DeepDrive's e-motor technology is designed for easy and cost-effective mass production. We are pleased that our involvement can help this new technology achieve a breakthrough."
Jürgen Bilo, Managing Director at Continental's Corporate Venture Capital Unit, adds: "After seeing the efficiency and the overall concept, we are convinced that DeepDrive will make a huge difference in the market penetration of e-mobility. This technology combined with DeepDrive's excellent team convinced us to invest in the company."
The DeepDrive team is already working with eight of the top ten OEMs and is on track to bring its technology to mass production by 2026. Co-founder and Managing Director Felix Poernbacher said: “One of the major challenges of almost all car manufacturers is the efficiency of electric vehicles. With our dual-rotor machine, we have developed a key technology that addresses this issue and is attracting extremely high interest from the industry. By focusing on disruptive innovation and leveraging our professional mass production expertise, we see ourselves as pioneers in electrifying mobility. In collaboration with our new, strong partners and existing supporters, we look forward to putting this technology on the road and winning the first series projects.”
UVC Partners General Partner, Andreas Unseld, estimates the new investment round: “Clearly, the future of mobility is electric. In the last few years, we’ve seen strong adoption of electric vehicles, but the range and costs are still challenging. The innovative solution of DeepDrive addresses both. The now-conducted Series A with BMW i Ventures and Continental's Corporate Venture Capital Unit proves the competitiveness of DeepDrive. We are very proud to welcome such great partners to the journey ahead of us. DeepDrive is a good example of how the start-up ecosystem and established corporations can develop and scale deep tech solutions that keep Europe competitive and help solve the climate crisis.”
With the fresh capital, the company plans to start the industrialization of its motors, increase its headcount to respond to the high demand from OEM customers, and win first-series commitments.
Press photos here.
Press contact DeepDrive:
Carola Mauck, Marketing & Communications Specialist, E-Mail: mauck@deepdrive.tech
Press contact UVC Partners:
Maria Poursaiadi, Head of Marketing and Communications, E-Mail: maria.poursaiadi@uvcpartners.com
About DeepDrive
DeepDrive is a high-tech company headquartered in Munich, Germany, offering revolutionary drive units for electric vehicles. DeepDrive's patented Dual Rotor technology increases vehicle range by up to 20 % and significantly decreases their costs, enabling the next generation of cheaper, more sustainable EVs. Their drive units are highly compact and torque dense and can be integrated within the wheels or as a traditional central drive. They are optimized for low-cost, large-scale production and offer maximum performance and efficiency. DeepDrive is currently working with eight of the top ten automakers on various development projects and is on track to introduce the DeepDrive Dual Rotor to the market in large-scale series production by 2026. DeepDrive consists of 30 + experts with years of experience at global automotive companies and is backed by high-profile investors, including BMW i Ventures, Continental’s Corporate Venture Capital Unit, UVC Partners, and Bayern Kapital. Additional investors include industry veteran Dr. Peter Mertens (former board member and CTO of Audi and Volvo) and top start-up executive Jonas Rieke (COO of Personio). More information: https://deepdrive.tech/
About BMW i Ventures
BMW i Ventures is the venture capital fund of the BMW Group and is one of the most relevant venture capital investors in the automotive environment. Since 2011, BMW i Ventures has been supporting innovative and rapidly scaling start-ups in the automotive environment. The focus is on sustainable hardware and software solutions from start-ups in the transport, manufacturing and supplier industries. The fund successfully invested in sustainable industrial solutions (such as Boston-Metal, Natural Fiber Welding or BComp) and is involved in the success stories of over 60 companies (including Chargepoint (IPO), Kinexon, Motorway, Our Next Energy, Solid Power (IPO), Tekion, Turntide and Xometry (IPO)). BMW i Ventures is characterized by a high degree of agility and independence and offers young companies a high degree of flexibility. Marcus Behrendt and Kasper Sage are the Managing Partners. The company is headquartered in Mountain View, Silicon Valley, with offices in San Francisco and Munich. More information: https://www.bmwiventures.com/
About Continental Corporate Venture Capital
Continental’s Corporate Venture Capital (CVC) unit invests in young technology companies, giving startups direct access to Continental's global mobility and industry expertise. The CVC unit focuses on early-stage companies that operate in Continental’s long-term, strategic growth areas. Founded in 2018, it aims to foster innovation rapidly and effectively in order to accelerate transformation across industries. More information: https://www.co-pace.com/
About UVC Partners
UVC Partners is a leading Munich- and Berlin-based early-stage venture capital firm that invests in European B2B tech start-ups from pre-seed to series A. With about € 400 million assets under management, UVC Partners typically invests between € 500,000 and € 10 million initially and up to € 30 million per company. The portfolio includes category leaders in deep tech, climate tech, hard- and software, and mobility with various technologies and business models. As an independent partner of UnternehmerTUM, Europe's most extensive innovation and startup center, UVC Partners has access to proprietary deal flow, an industrial network of more than 1,000 corporates, and access to talent from the leading European technical university. The investments include Flix, Vimcar, planqc, Tanso, Isar Aerospace, TWAICE, DeepDrive, FINN, STABL, and many more. They all benefit from the team's extensive investment and exit experience, their ability to build sustainable category leaders with a competitive advantage, and their passion for growing the game changers of tomorrow. Learn more at www.uvcpartners.com.
