DeepDrive, a high-tech electrical motor firm setting new benchmarks in effectivity, efficiency, and sustainability, introduced the closure of an oversubscribed €30 million Collection B funding spherical.
The spherical was led by Leitmotif –an unbiased enterprise capital agency, energetic in each the U.S. and Europe devoted to decarbonisation investments – with participation from all present traders, BMW i Ventures, co-pace – the company enterprise unit of Continental – UVC Companions, and Bayern Kapital by way of the Wachstumsfond Bayern.
With this newest capital and backing, DeepDrive is poised to transform high-volume initiatives in its robust buyer pipeline of 8 of the world’s 10 largest automakers (presently in co-development). The funding can even allow the high-tech firm to construct in-house manufacturing traces and industrialise its patented Twin Rotor motor expertise to speed up the mass adoption of electrical autos (EVs).
DeepDrive’s expertise boasts a 20 p.c effectivity improve and important value 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 probably save automakers greater than €1 billion in prices. For customers, this can halve the worth hole between inner combustion engine autos (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 value objectives. We imagine in a collaborative method, working hand-in-hand with established gamers to get our motors on the streets. This funding spherical marks a major milestone, and with the assist of Leitmotif and our present traders, we’re poised to fulfil the massive 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 revolutionary high-tech firms, equivalent to DeepDrive, are essential for long-term success.
DeepDrive’s expertise can also be poised to avoid wasting 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 immediately’s EVs, DeepDrive’s expertise can already save as much as 5 tonnes of lifetime Co2 emissions per automobile. When multiplied throughout the whole EV fleet, alongside expediting the sooner shift from inner combustion engine (ICE) autos to EVs, this expertise is projected to scale back emissions by a number of gigatonnes. This helps international efforts in direction of sustainability and considerably contributing to the combat towards local weather change.
Jens Wiese, Co-Founder and Managing Associate of Leitmotif, mentioned: “Investing into innovators which have the potential to develop into category-defining firms, reworking their respective industries is on the coronary heart of Leitmotif’s technique. Our funding in DeepDrive builds upon this mission. Its revolutionary expertise has already attracted curiosity from a few of the world’s largest automakers and is about to assist them construct essentially the most environment friendly EVs by way of its collaborative enterprise mannequin.”
