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BMW i Ventures, the venture capital arm of BMW Group, has co-led a $16.1 million Series A funding round in DeepDrive, a startup that has developed a cost-efficient dual-rotor motor for electric vehicles (EVs). The investment, which was also participated in by UVC Partners, Bayern Kapital with Wachstumsfonds Bayern, Continental’s Corporate Venture Capital Unit, and […]
BMW i Ventures, the venture capital arm of BMW Group, has co-led a $16.1 million Series A funding round in DeepDrive, a startup that has developed a cost-efficient dual-rotor motor for electric vehicles (EVs). The investment, which was also participated in by UVC Partners, Bayern Kapital with Wachstumsfonds Bayern, Continental’s Corporate Venture Capital Unit, and automotive manager Dr. Peter Mertens, will be used to start manufacturing the motors and respond to the high demand from original equipment manufacturers (OEMs).
The dual-rotor motor developed by DeepDrive is unique and patented, offering major advantages in terms of weight, cost, and space efficiency. It can be installed in any vehicle as a central drive or in-wheel drive and can significantly increase the range of EVs while reducing environmental impact by requiring fewer natural resources. DeepDrive’s motors achieve high torque density, making them a promising technology for the next generation of efficient and resource-saving EVs.
“With its patented and unique e-motor architecture, DeepDrive could set new standards for e-mobility,” said Marcus Behrendt, Managing Director at 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.”
The DeepDrive team is currently working with eight of the top ten OEMs and is on track to bring its technology
to market by the end of 2023. The Series A funding round led by BMW i Ventures will help the startup ramp up production and respond to the high demand from OEMs.
The electric vehicle market has been growing rapidly in recent years, and major automakers are increasingly investing in EV technologies to meet the demand for more sustainable transportation. With its innovative dual-rotor motor, DeepDrive is poised to make a significant contribution to the development of more efficient and resource-saving EVs.
The DeepDrive team is led by CEO and co-founder, Dr. Rainer vor dem Esche, who has extensive experience in the automotive industry and a deep understanding of the challenges facing EV manufacturers. With the support of BMW i Ventures and other investors, the company is well-positioned to bring its technology to market and become a leading player in the EV industry.
The investment by BMW i Ventures and other investors in DeepDrive demonstrates the growing interest in innovative technologies that can help drive the development of more efficient and sustainable transportation solutions. As the electric vehicle market continues to evolve, it is likely that we will see more investments in startups and technologies that can help accelerate the transition to a more sustainable future.
