DeepDrive, a high-tech electrical motor firm setting new benchmarks in effectivity, efficiency, and sustainability, introduced the closure of an oversubscribed €30 million Sequence B funding spherical.
The spherical was led by Leitmotif –an unbiased enterprise capital agency, lively in each the U.S. and Europe devoted to decarbonisation investments – with participation from all current traders, BMW i Ventures, co-pace – the company enterprise unit of Continental – UVC Companions, and Bayern Kapital by the Wachstumsfond Bayern.
With this newest capital and backing, DeepDrive is poised to transform high-volume tasks in its robust buyer pipeline of 8 of the world’s 10 largest automakers (at the moment in co-development). The funding will even allow the high-tech firm to construct in-house manufacturing traces and industrialise its patented Twin Rotor motor know-how to speed up the mass adoption of electrical automobiles (EVs).
DeepDrive’s know-how boasts a 20 % effectivity improve and important price discount potential in comparison with benchmarks, enabling automakers to deliver high-volume EVs with greater than 800km of vary to market. When deployed at scale, DeepDrive’s motors can doubtlessly save automakers greater than €1 billion in prices. For shoppers, this can halve the value hole between inside combustion engine automobiles (ICEs) and EVs.
Felix Poernbacher, Co-founder and Co-CEO of DeepDrive, commented: “DeepDrive’s mission is to revolutionise the automotive trade by offering groundbreaking options that assist automakers meet their effectivity and price objectives. We consider in a collaborative method, working hand-in-hand with established gamers to get our motors on the streets. This funding spherical marks a big milestone, and with the assist of Leitmotif and our current traders, we’re poised to fulfil the big demand from international automakers.”
The funding comes at a important time for the automotive trade, because it transitions to the e-mobility period. Partnerships between established gamers and modern high-tech firms, reminiscent of DeepDrive, are essential for long-term success.
DeepDrive’s know-how can also be poised to save lots of a number of gigatons of Co2 emissions by accelerating the mass adoption of EVs and considerably decreasing the carbon footprint of working them. In comparison with right now’s EVs, DeepDrive’s know-how can already save as much as 5 tonnes of lifetime Co2 emissions per automobile. When multiplied throughout your entire EV fleet, alongside expediting the quicker shift from inside combustion engine (ICE) automobiles to EVs, this know-how is projected to cut back emissions by a number of gigatonnes. This helps international efforts in direction of sustainability and considerably contributing to the battle in opposition to local weather change.
Jens Wiese, Co-Founder and Managing Associate of Leitmotif, mentioned: “Investing into innovators which have the potential to grow to be category-defining firms, remodeling their respective industries is on the coronary heart of Leitmotif’s technique. Our funding in DeepDrive builds upon this mission. Its modern know-how has already attracted curiosity from a few of the world’s largest automakers and is ready to assist them construct essentially the most environment friendly EVs by its collaborative enterprise mannequin.”
