DeepDrive to raise €4.3M from UVC Partners, Bayern Kapital and business angels from Germany.

DeepDrive, a Munich, Germany-based manufacturer of powertrains for electric vehicles, announced completing a seed funding round closed at €4.3 million ($4.9 million).

The money was raised locally from Germany from investors including UVC Partners, the Wachstumsfonds Bayern managed by Bayern Kapital, and business angels Peter Mertens and Jonas Rieke.

DeepDrive, founded in 2021 by Stefan Ender and Felix Pörnbacher, develops drives for electric vehicles - efficient gearless in-wheel motor that addresses cost and range – the biggest issues faced by EVs. The company says that its motor is 20% more efficient than current state of the art, can be manufactured at low cost and allows for the motor to be integrated into the wheel thanks to its compact and lightweight design. This enables new vehicle architectures that can solve the problems of existing EV concepts through high cost savings, a significantly higher range and far better space efficiency. The company targets customers that are car manufacturers and manufacturers of micro-mobility vehicles.