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DeepDrive raises $33.5 mln to scale up cheaper, efficient EV motors Reuters
Reuters
2024/09/19
LONDON, Sept 19 (Reuters) – German startup DeepDrive said on Thursday it had raised 30 million euros ($33.5 million) from investors to scale up and produce efficient, lower-cost „dual rotor“ electric vehicle motors for major automakers.
The Series B fundraising round was led by tech venture capital fund Leitmotif and included fresh capital from existing investors including BMW i-Ventures and co-pace, the venture capital arms of BMW (BMWG.DE), opens new tab and major auto supplier Continental (CONG.DE), opens new tab respectively.
DeepDrive is working with eight of the world’s top 10 automakers, with major contracts expected within the next year or two, CEO Felix Poernbacher told Reuters.
Nick Carey
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