IRP Systems raises $31 million
Israeli provider of electric powertrain solutions for e-mobility IRP Systems has raised $31 million in a Series C funding round led by Clal Insurance and Altshuler Shaham, Israeli institutional investors, with additional funds from Samsung Ventures, Renault-Nissan importer Carasso Motors, and Shlomo Group. Existing investors 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, also participated in the round. To date the company has raised $57 million.
Founded in 2008, the company’s product called TrueDrive is an “electric powertrain that enables high performance and efficiency while reducing the weight, size and overall cost of the powertrain in electric vehicles of all sizes.” Using the company’s electric motors and controllers, electric vehicle manufacturers can eliminate the industry’s tradeoff between cost and performance.
“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.” – Moran Price, CEO and Co-Founder of IRP Systems.
During the past year, IRP Systems has acquired global automotive customers and more than doubled its size. In addition, IRP has announced the general availability of TrueDriveTM, its comprehensive product line for electric personal mobility, covering a wide range of 2, 3 and 4-wheeler applications, which is already in use by global automotive brands in Asia Pacific (APAC) and Europe. The new funding will also enable IRP Systems to scale the development of its powertrain systems for EVs and shorten the path to mass production, in parallel with the mass delivery of personal mobility solutions.
“Electrification is driving the automotive industry’s rapid transformation, revolutionizing what we define as a ‘vehicle’ into a smart device on wheels. Samsung is focused on cutting-edge technologies such as those produced by IRP Systems, and which can accelerate this transformation and help to expand the automotive ecosystem for new players.” – Samsung Ventures’ spokesperson.
“We are very impressed by IRP’s product and management team. We believe that the expected growth in electric mobility and the good cooperation with the car industry and Renault, will lead the company to impressive future achievements.” – Avi Kenet, CCO at Israeli Renault-Nissan importer Carasso Motors.
