NEON advises DeepDrive on € 15 million Series A financing round

21 March 2023 | NEON has advised electric motor startup DeepDrive on its €15 million Series A financing round.

Founded in 2021, Munich-based DeepDrive has developed a radial flux dual rotor motor including power electronics that can be installed in production vehicles as a central drive as well as wheel hub drive. The patented technology has a higher torque and power density compared to other drive technologies and thus enables up to 20 percent greater range compared to other drives, or requires 20 percent smaller batteries for the same range. In addition, the motor requires less rare earths in production for the same power output – another step toward making e-mobility more attractive and cost-effective.

In addition to BMW i Ventures and Continental’s Corporate Venture Capital Unit, existing investors UVC Partners and Bayern Kapital participated in the round with the Wachstumsfonds Bayern and Dr. Peter Mertens (former Audi development board member).
DeepDrive will use the fresh capital to start industrial production of the engines and to grow further in terms of personnel.

Background:

In addition to investors, NEON also regularly advises emerging startups such as DeepDrive on financing rounds.