Israel-based IRP Systems, a provider of electric powertrain products, raised $17 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.
IRP Systems provides high-performance, cost-effective powertrain products to the electric vehicle market. Its TrueDrive portfolio of electric motors and controllers offers powertrain efficiency, range and performance while minimizing total powertrain costs. The company’s global customer base includes top automotive and micro-mobility manufacturers.
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. We are excited to partner with Fosun RZ Capital, whose strong support will significantly help advance our efforts in APAC, the largest and fastest-growing market for electric vehicles.—Moran Price, CEO and Co-Founder of IRP Systems
IRP Systems was originally founded as an aerospace powertrain company by Paul and Moran Price. The company developed and perfected 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.
IRP’s current offering includes a variety of off-the-shelf electric powertrain products for micro-mobility, including e-scooters, e-motorcycles and quadricycles (L7E). For electric cars (either EV or HEV) it develops custom solutions that optimally fit into the target vehicle’s physical structure, cooling system and transmission.
To enable operational flexibility, the offering for EVs includes control SW and a license to the e-powertrain system design.
The company has customers in Asia Pacific, the EU and Israel and has headquarters in Ness Ziona, Israel.