Israeli electric vehicle powertrain solutions developer IRP Systems has announced the completion of a $31 million Series C financing round led by Clal Insurance and Altshuler Shaham, leading Israeli institutional investors, with additional funds from Samsung Ventures, Renault-Nissan importer Carasso Motors, and Shlomo Group, joined by all the company's existing investors. This brings the company's total funding to $57 million.
IRP Systems, which was founded by CEO Moran Price and CTO Paul Price, has developed TrueDrive, 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.
Moran Price said, "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."
The latest funding round will allow the company to double down on its rapid growth in customers. During the past year, IRP Systems has acquired leading global automotive customers and more than doubled its size. In addition, IRP has announced the general availability of TrueDrive.
The new funding will also enable IRP Systems to scale the development of its innovative powertrain systems for EVs and shorten the path to mass production, in parallel with the 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.
The new investors joined IRP’s existing investors including 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.
Published by Globes, Israel business news - en.globes.co.il - on April 28, 2021
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