IRP Systems announces $31m Series C to further accelerate EV powertrain offerings
IRP Systems, a provider of innovative electric powertrain solutions for e-mobility, announced a $31m Series C funding round today, bringing its total funding to $57m.
The financing was led by Clal Insurance and Altshuler Shaham, 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.
IRP Systems provides TrueDrive™, a revolutionary 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 cutting-edge 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,” said Moran Price, CEO and Co-Founder of IRP Systems.
The funding round enables 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 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 leading global automotive brands in Asia Pacific (APAC) and Europe.
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.