DeepDrive Secures €30m Funding for In-Wheel Motor Innovation in EVs

DeepDrive, a cutting-edge technology company based in Germany, has successfully raised €30 million in funding to support the volume production of its innovative in-wheel motor technology (IWM) for electric vehicles. This significant milestone comes at a crucial time as the electric vehicle market continues to mature, with increasing demand for efficient and sustainable transportation solutions.

The latest funding round positions DeepDrive, headquartered in Munich, to gear up for series production of its in-wheel motor technology, targeting collaboration with 8 out of the world's top 10 largest car manufacturers by the year 2028. The Series B funding was spearheaded by Leitmotif, an independent venture capital firm with a strong presence in both the U.S. and Europe, along with continued support from existing investors such as BMW i Ventures, co-pace (the corporate venture unit of Continental), UVC Partners, and Bayern Kapital through the Wachstumsfond Bayern.

Notably, this funding round follows a successful €15 million Series A round in March 2023, underscoring the growing confidence in DeepDrive's technological advancements. The company has established close partnerships with industry giants like BMW, Audi, and Volvo, as well as Tier One supplier Continental. Concurrently, other players in the market, such as Protean in the UK and REE Automotive, are also making strides in advancing their in-wheel motor technologies, reflecting the industry's collective push towards innovation and sustainability.

DeepDrive's strategic focus on developing an efficient wheel-hub drive platform holds the promise of significantly increasing the driving range of electric vehicles. By leveraging the newly secured funding, the company aims to transition ongoing projects with major automakers from co-development to full-scale production. This investment will also facilitate the establishment of in-house production lines and the industrialization of their patented Dual Rotor motor technology, paving the way for accelerated mass adoption of electric vehicles.

The revolutionary technology offered by DeepDrive boasts a 20% efficiency improvement and substantial cost reduction potential compared to industry benchmarks. This breakthrough enables the production of high-volume electric vehicles capable of achieving over 800 kilometers of range, potentially saving more than €1 billion in costs. The company anticipates that this advancement will help bridge the price gap between internal combustion engine vehicles (ICEs) and EVs, making electric mobility more accessible to consumers worldwide.

Commenting on the recent funding success, Felix Poernbacher, Co-founder and Co-CEO of DeepDrive, expressed the company's commitment to revolutionizing the automotive industry through collaborative innovation. He emphasized the importance of working closely with established players to bring their groundbreaking solutions to market, addressing the evolving needs of global automakers. With the backing of Leitmotif and existing investors, DeepDrive is well-positioned to meet the surging demand for their transformative technology.

Dr. Peter Mertens, a current board member and investor in DeepDrive, and former Board Member & CTO of Audi & Volvo, lauded the exceptional performance and sustainability achievements of DeepDrive. He highlighted the game-changing potential of DeepDrive's technology in enhancing efficiency, reducing costs for automakers, and minimizing the carbon footprint of electric vehicles. The endorsement from industry veterans and investors underscores the significant impact DeepDrive is poised to make in shaping the future of sustainable transportation.