A co-lead investment has been made by BMW I Ventures into the US$16.1m Series A funding round for DeepDrive, a startup that has been working on the development of a cost- and resource-efficient dual-rotor motor to extend the range of EVs.
DeepDrive’s radial flux dual-rotor electric motor features power electronics and is highly flexible by design, enabling it to be installed in all vehicles, or as a central drive or an in-wheel drive.
The company’s patented technology is stated to increase EV range while also delivering a high torque density. Manufacturing of the motor is cost effective and uses fewer natural resources, resulting in a lower environmental impact.
The capital will be used by DeepDrive to begin manufacturing motors by 2026, while also expanding its team to ensure it can keep up with demand from OEMs.
Other investors include UVC Partners, Bayern Kapital with Wachstumsfonds Bayern, and Continental’s Corporate Venture Capital Unit.
“With its patented and unique e-motor architecture, DeepDrive could set new standards for e-mobility,” said Marcus Behrendt, managing director, BMW i Ventures. “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.”
“We believe our technology will revolutionize vehicle electrification,” explained Felix Pörnbacher, co-founder and CEO, DeepDrive. “With our dual-rotor technology, we are significantly more cost-effective and efficient on the road, shaping tomorrow’s electromobility. The demand for our development shows that we are on the right track. We would like to thank BMW i Ventures, Continental’s corporate venture capital unit, and the other investors for their confidence.”
