The German startup DeepDrive has announced the closing of a funding round in which it raised 30 million euros to increase the production of motors for electric vehicles (EVs), aiming to reduce costs and enhance the efficiency of cars.
The Series B funding round was led by the venture capital fund Leitmotif and included new investors such as BMW’s venture capital subsidiary, i-Ventures, and automotive supplier Continental.
To date, DeepDrive has open contracts with eight of the world’s ten largest vehicle manufacturers and expects to announce several significant contracts in the coming years, as noted by the group’s CEO, who mentioned that the company could achieve mass production of its motors by 2028.
DeepDrive’s Electric Motors
DeepDrive’s system consists of two electric motors on a single unit, creating a compact motor with high energy efficiency and high torque density.
Specifically, as stated on DeepDrive’s website, its motors use 80% less iron, take up half the space, and have a manufacturing cost that is 30% lower, while also being estimated to offer up to 20% more range than a conventional electric motor currently used in most battery-powered vehicles.
In mid-July, BMW Startup Garage and DeepDrive announced their intention to road-test the new electric propulsion system.
Following a pilot project with “promising” results during the testing period, as indicated in a joint statement, this prototype will now be tested on the roads to evaluate the efficiency and control of vehicles equipped with these systems.
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