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.