DeepDrive raises €30 million in oversubscribed Series B funding round

Munich, Germany, September 19, 2024 – DeepDrive – a high-tech electric motor company setting new benchmarks in efficiency, performance, and sustainability – today announced the closure of an oversubscribed €30 million Series B funding round. The round was led by Leitmotif – a newly established US venture capital fund dedicated to decarbonisation investments – with participation from all existing investors, BMW i Ventures, the corporate venture unit of Continental, UVC Partners, and Bayern Kapital through the Wachstumsfond Bayern.

With this latest capital and backing, DeepDrive is poised to convert high-volume projects in its strong customer pipeline of 8 of the world’s 10 largest automakers (currently in co-development). The funding will also enable the high-tech company to build in-house production lines and industrialise its patented Dual Rotor motor technology to accelerate the mass adoption of electric vehicles (EVs).

DeepDrive’s technology boasts a 20 percent efficiency increase and significant cost reduction potential compared to benchmarks, enabling automakers to bring high-volume EVs with more than 800km of range to market. When deployed at scale, DeepDrive’s motors can potentially save automakers more than €1 billion in costs. For consumers, this will halve the price gap between internal combustion engine vehicles (ICEs) and EVs.

The investment comes at a critical time for the automotive industry, as it transitions to the e-mobility era. Partnerships between established players and innovative high-tech companies, such as DeepDrive, are crucial for long-term success.

DeepDrive’s technology is also poised to save multiple gigatons of Co2 emissions by accelerating the mass adoption of EVs and significantly reducing the carbon footprint of operating them. Compared to today's EVs, DeepDrive's technology can already save up to five tonnes of lifetime Co2 emissions per vehicle. When multiplied across the entire EV fleet, alongside expediting the faster shift from internal combustion engine (ICE) vehicles to EVs, this technology is projected to reduce emissions by multiple gigatonnes. This supports global efforts towards sustainability and significantly contributing to the fight against climate change.

Felix Poernbacher, Co-founder and Co-CEO of DeepDrive, comments: “DeepDrive's mission is to revolutionise the automotive industry by providing groundbreaking solutions that help automakers meet their efficiency and cost goals. We believe in a collaborative approach, working hand-in-hand with established players to get our motors on the streets. This funding round marks a significant milestone, and with the support of Leitmotif and our existing investors, we are poised to fulfil the large demand from global automakers.”

Jens Wiese, Co-Founder and Managing Partner of Leitmotif, comments: “Investing into innovators that have the potential to become category-defining companies, transforming their respective industries is at the heart of Leitmotif’s strategy. Our investment in DeepDrive builds upon this mission. Its innovative technology has already attracted interest from some of the world's largest automakers and is set to help them build the most efficient EVs through its collaborative business model.”

Dr. Peter Mertens, Current Board Member and Investor in DeepDrive and Former Board Member & CTO of Audi & Volvo, comments: “The benchmarks in performance, and sustainability DeepDrive has achieved will not only be a game changer in terms of efficiency and cost savings for automakers, but it will also significantly reduce the carbon footprint of EVs. I’m delighted to see that alongside previous recognition from industry leaders, yet another major VC has recognised and invested in DeepDrive’s potential.”

"We are thrilled to continue our support for DeepDrive. As their first backer, it has been an honor to guide their journey from the beginning. DeepDrive exemplifies the remarkable capabilities of the German startup and tech ecosystem, demonstrating cutting-edge innovation and a commitment to building a sustainable future." - says Andreas Unseld, General Partner at UVC Partners.

DeepDrive’s efficiency, performance, and target costs are validated through rigorous testing on both OEM and in-house test benches, with ongoing vehicle integrations. The high-tech company has raised €49.35 million in capital since its founding in 2021 and is readying for the launch of its first series of ultra-efficient large-scale electric motor projects from 2028.

About DeepDrive

DeepDrive, a Munich-based high-tech company, is set to become the category leader in electric motors for the automotive industry and beyond. Addressing the most pressing challenges of today's electric vehicles (EVs), the company's patented Dual Rotor motor topology does not only enable high-volume EVs with >800 km of range but also can save automakers more than €1 billion in costs when deployed at scale. Additionally, it enables EVs to reduce carbon emissions, potentially saving multiple gigatonnes of Co2 emissions over the EV fleet's lifetime. Versatile in design, DeepDrive's technology can be seamlessly integrated into the wheels or employed as a traditional central drive.

About UVC Partners

UVC Partners is a leading venture capital firm that invests in European B2B tech startups and has offices in Munich and Berlin. With more than €600 million in assets under management, the VC typically invests between €1 to €10 million initially and up to €30 million per startup in the areas of DeepTech, ClimateTech, Mobility, and Software/AI. As an independent partner of UnternehmerTUM, Europe's leading startup hub, UVC Partners has unique access to proprietary deal flow, more than 1,000 corporates and SMEs, as well as to talents from the Technical University of Munich, which belongs to the best European technical universities. UVC Partners' investment portfolio includes Flix, Isar Aerospace, planqc, Proxima Fusion, Reverion, Tacto, TWAICE, DeepDrive, STABL, and many more. All portfolio companies and founders benefit from the team's extensive investment and exit experience, their ability to build sustainable category leaders, and the network of UnternehmerTUM enabling them to speed up market entry. Learn more at www.uvcpartners.com.