IRP Systems, an electric powertrain systems developer, announced on Wednesday that it raised a $31 million Series C funding round. The financing was led by Israeli institutional investors Clal Insurance and Altshuler Shaham, with additional funds from Samsung Ventures, Renault-Nissan importer Carasso Motors, and Shlomo Group, as well as all of the company’s existing investors which include Entrée Capital, Fosun RZ Capital, JAL Ventures, Tal Capital, Union Tech Ventures, Cendana Capital and Allied Group subsidiary Champion Motors, the Israeli direct importer and distributor of Volkswagen Group.
This company also raised a $17 million Series B round last year, bringing its total funding to $57 million to date.
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.
The funding round enables the company to double down on its rapid growth in customers, it indicated. IRP Systems says it has acquired leading global automotive customers and more than doubled its size in the past year. The company will use the funding to scale the development of its innovative powertrain systems for EVs and shorten the path to mass production and mass delivery of personal mobility solutions. The company plans to expand its R&D, operations and customer support and to significantly enhance global sales and marketing, focusing on the key EV markets in APAC and Europe.
IRP also announced the general availability of TrueDrive, its comprehensive product line for electric personal mobility, covering a wide range of two, three and four-wheeler applications, which is already in use by leading global automotive brands in Asia Pacific (APAC) and Europe.
“The automotive industry is undergoing tectonic shifts in recent years as electrification and digitalization are becoming core automotive technologies. IRP Systems is in the epicenter of this revolution. With the new investment we will continue to create disruptive solutions as well as penetrate new EV segments,” said Moran Price, CEO and co-founder of IRP Systems.