Funding of €30 million secures increased manufacturing for electric vehicle motors at the German tech firm, DeepDrive.
DeepDrive's Revolutionary Electric Motor System Gains Momentum
DeepDrive, a German startup specialising in electric drive production, has made significant strides in the automotive industry. The company, which recently raised €30 million in a Series B funding round, has been backed by Leitmotif, BMW's venture capital subsidiary, i-Ventures, and Continental, although the identities of other investors remain undisclosed.
DeepDrive's innovative electric motor system is designed to offer high energy efficiency and high torque density. The system consists of two electric motors housed in a single unit, a design that is estimated to provide up to 20% more range than conventional electric motors. Moreover, the manufacturing cost of these motors is 30% lower, and they use 80% less iron, taking up half the space compared to traditional electric motors.
The company's CEO anticipates mass production of these motors by 2028. DeepDrive has already secured contracts with eight of the world's ten largest vehicle manufacturers, signifying a strong demand for its technology.
The electric motors developed by DeepDrive are currently undergoing road testing in collaboration with BMW Startup Garage. The pilot project has yielded promising results, with the electric propulsion system showing impressive performance. The prototype will be tested on the roads to evaluate its efficiency and control.
The road test results will be crucial in assessing the performance of vehicles equipped with DeepDrive's electric propulsion system. BMW Startup Garage and DeepDrive plan to road-test the new system, marking a significant step towards the commercialisation of DeepDrive's technology.
DeepDrive's primary focus is to increase the production of motors for electric vehicles (EVs). The startup aims to contribute significantly to the global shift towards sustainable transportation. With its innovative technology, competitive manufacturing costs, and promising partnerships, DeepDrive is poised to make a significant impact in the EV market in the coming years.
DeepDrive expects to announce several significant contracts in the coming years, further cementing its position in the industry. As the company continues to develop and refine its technology, it is expected to play a crucial role in shaping the future of electric mobility.
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