Electric powertrain systems developer IRP Systems announced this week that it raised $17 million in a Series B funding led by Chinese VC firm Fosun RZ capital. Participants in the round also included 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.
IRP Systems was originally founded in 2008 as an aerospace powertrain company by Paul and Moran Price. Headquartered in Ness Ziona, the company developed unique systems designed to meet the stringent standards of the aerospace industry before redirecting its products and software to address the rapidly growing demand in the automotive sector. Currently, the company provides high-performance, cost-effective powertrain products to the electric vehicle (EV) market. Its TrueDrive portfolio of products offers solutions for a variety of e-mobility platforms.
“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,” said Moran Price, CEO and co-founder of IRP Systems.
Danny Hadar, Israel Managing Director at Fosun RZ Capital said: “We were deeply impressed by IRP’s team and technology and we believe that their ability to reduce cost and significantly improve efficiency in a fast-growing industry will enable them to become a very large company. We are proud to partner with them and help increase their footprint in the Chinese market.”
“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,” said Joshua Levinberg, co-founder and general partner at JAL Ventures.