Based out of Ness Ziona, IRP Systems has announced that it has raised $17 million (approx €16 million) in Series B funding. The round was led by Chinese VC Fosun RZ capital, with additional funds provided by JAL ventures, previous investor Entrée Capital, Tal Capital, Union Tech Ventures, Cendana Capital, and Allied Group subsidiary Champion Motors, the Israeli direct importer and distributor of Volkswagen Group.
The company is planning to use the funding to meet the burgeoning demand for its TrueDriveTM technology and accelerate its system integration into leading automotive platforms.
Moran Price, CEO, and Co-Founder of IRP Systems said:
“We are confident that our technology will enable the electric vehicle market to overcome its biggest hurdle: cost. Using innovative techniques rooted in the aerospace industry, we’ve developed electric powertrain products that are truly high-performance and cost-effective so they can be scaled quickly to accelerate mass-market adoption of EVs of all kinds. We are excited to partner with Fosun RZ Capital, whose strong support will significantly help advance our efforts in APAC, the largest and fastest-growing market for electric vehicles.”
The Israeli startup is revolutionising the e-mobility sector, providing high-performance, cost-effective powertrain products to the electric vehicle market.
In particular, it’s TrueDriveTM portfolio of electric motors and controllers offers an unprecedented level of powertrain efficiency, range, and performance while minimising total powertrain costs. The company’s global customer base includes top automotive and micro-mobility manufacturers.
Notably, the IRP systems were originally founded as an aerospace powertrain company by Paul and Moran Price. However, the company made the strategic decision to redirect its versatile products and software to address the rapidly growing demand in the automotive sector.
Joshua Levinberg, Co-Founder and General Partner at JAL Ventures said:
“Electrical mobility is clearly the future and IRP, with its breakthrough powertrain technology, is in pole position to benefit from and contribute to the growth of this market. We are excited to partner with this excellent team of entrepreneurs and investors.”
Paul Price, CTO, and Co-Founder of IRP Systems said:
“In these uniquely challenging times, we are extremely grateful to have such a committed team that tirelessly pushes the limits and works to overcome every challenge. We are also very fortunate to again have by our side Entrée Capital, who have supported us and led the financing effort.”
Main image credits: IRP Systems
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