IRP Systems, the leading provider of innovative electric powertrain products for e-mobility, announced today that it has raised $17M 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 revolutionizing the e-mobility sector, providing high-performance, cost-effective powertrain products to the electric vehicle market. Its TrueDrive™ portfolio of electric motors and controllers offers an unprecedented level of powertrain efficiency, range and performance while minimizing total powertrain costs. The company’s global customer base includes top automotive and micro-mobility manufacturers.
Moran Price, CEO and Co-Founder of IRP Systems commented that the company is confident that their technology will enable the electric vehicle market to overcome its biggest hurdle: cost. Using innovative techniques rooted in the aerospace industry, they have 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. He also added that, they are excited to partner with Fosun RZ Capital, whose strong support will significantly help advance the company’s efforts in APAC, the largest and fastest-growing market for electric vehicles.
Danny Hadar, Israel Managing Director at Fosun RZ Capital proudly stated that the company was deeply impressed by IRP’s team and technology and they believed that IRP’s ability to reduce cost and significantly improve efficiency in a fast-growing industry will enable them to become a very large company. The company is proud to partner with IRP and help increase their footprint in the Chinese market.
Joshua Levinberg, Co-Founder and General Partner at JAL Ventures said that the 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. The company was excited to partner with such an excellent team of entrepreneurs and investors.
IRP Systems was originally founded as an aerospace powertrain company by Paul and Moran Price. The company developed and perfected unique systems designed to meet the stringent standards of the aerospace industry. The company made the strategic decision to redirect its versatile products and software to address the rapidly growing demand in the automotive sector.
Paul Price, CTO and Co-Founder of IRP Systems announced that in these uniquely challenging times, the company was extremely grateful to have a committed team that tirelessly pushed the limits and worked hard to overcome every challenge and they are also very fortunate to have Entrée Capital by their side.