IRP Systems Raises $17M in Series B Funding to Bring Electric Vehicles to the Mass Market
The leader in e-mobility innovation will use funds to meet the burgeoning demand for its TrueDrive™ technology and accelerate its system integration into leading automotive platforms
TEL AVIV, Israel, May 12, 2020 /PRNewswire/ -- 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.
IRP Systems 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.
"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," said Moran Price, CEO and Co-Founder of IRP Systems. "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."
"We were deeply impressed by IRP's team and technology and we believe that their ability to reduce cost and significantly improve efficiency in a fast-growing industry will enable them to become a very large company. We are proud to partner with them and help increase their footprint in the Chinese market," said Danny Hadar, Israel Managing Director at Fosun RZ Capital.
"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. We are excited to partner with this excellent team of entrepreneurs and investors," said Joshua Levinberg, Co-Founder and General Partner at JAL Ventures.
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.
"In these uniquely challenging times, we are extremely grateful to have such a committed team that tirelessly pushes the limits and works to overcome every challenge. We are also very fortunate to again have by our side Entrée Capital, who have supported us and led the financing effort," said Paul Price, CTO and Co-Founder of IRP Systems.
About IRP Systems
IRP Systems specializes in high-performance electric powertrain systems for a variety of e-mobility platforms, enabling powerful and affordable electric vehicles. Leveraging its unique powertrain design and control algorithms, the company's breakthrough TrueDrive™ product portfolio reaches an unprecedented level of efficiency. TrueDrive™ offers a high-performance, unique driving experience and advanced functionality, while still being cost-effective and ready for mass production. IRP Systems is removing the last barriers of electric vehicle adoption by making electric mobility technology affordable for the mass market and accelerating its adoption worldwide. The company has customers in Asia Pacific, the EU and Israel and has headquarters in Ness Ziona, Israel.
For more information visit https://www.irpsystems.com
About Fosun RZ Capital
Fosun RZ Capital was founded in 2013 and headquartered in Beijing. As an affiliate of Fosun Group, RZ Capital is an independent fund with strategic resources, quickly establishing global footprints. Fosun RZ Capital has billions of RMB AUM. As one of the most globalized venture capital platforms in China, RZ Capital is committed to investing in high-growth, high-tech companies in major economic growth regions and has fostered innovation ecosystems around the world, with 7 offices in China, United States, India and Israel.
For more information visit http://www.frzcapital.cn/
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SOURCE IRP Systems
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