IRP Systems, a provider of electric powertrain products, has raised $17 million in Series B funding. The round was led by Chinese venture capital firm Fosun RZ Capital. Other investors include JAL ventures, Entrée Capital, Tal Capital, Union Tech Ventures, Cendana Capital and Champion Motors.
IRP Systems was originally founded as an aerospace powertrain company, and recently made the strategic decision to redirect its products and software to address the rapidly growing demand in the automotive sector.
IRP Systems’ TrueDrive portfolio of electric motors and controllers is designed to offer powertrain efficiency, range and performance while minimizing total powertrain costs. The company’s global customer base includes automotive and micro-mobility manufacturers.
“We are confident that our technology will enable the electric vehicle market to overcome its biggest hurdle: cost,” said Moran Price, CEO and co-founder of IRP Systems. “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 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.
Source: IRP Systems