IRP Systems, a maker of innovative electric powertrains for electric vehicles, has raised a $31 million Series C funding round, bringing its total funding to $57 million.
The financing was led by Clal Insurance and Altshuler Shaham, which are Israeli institutional investors. Also participating was Samsung Ventures, Renault-Nissan importer Carasso Motors and Shlomo Group, as well as existing investors such as Entrée Capital, Fosun RZ Capital and JAL Ventures.
IRP Systems supplies a whole host of EV manufacturers, including Renault. Its electric powertrain claims to have a high performance and efficiency while reducing the weight, size and overall cost of the powertrain in electric vehicles of several sizes.
Moran Price, CEO and co-founder of IRP Systems, said in a statement: “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.”
IRP Systems will use the new case to scale the development of its systems for EVs and reduce the path to mass production, expand R&D, operations and customer support and make a push on global sales and marketing.