Israeli Startup IRP Systems Develops Electric Vehicle Powertrain Solutions Raises $31 Million
IRP specializes in high-performance electric powertrain systems for a variety of e-mobility platforms.
IRP Systems is an Israeli startup which provides innovative electric powertrain solutions for e-mobility. The company raised $31 million in Series C funding, bringing its total funding to $57M. The financing was 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.
Founded in 2015, IRP boasts that it makes electric vehicles powerful and affordable. The companys says that it is driven by the urgent, crucial need to minimize the carbon emissions of individuals and organizations. Its goal is to “make electric mobility technology affordable for the mass market and accelerate its adoption worldwide.”
IRP specializes in high-performance electric powertrain systems for a variety of e-mobility platforms. It leverages its technology in control algorithms and powertrain design so that its systems reach an “unprecedented level of efficiency, in full compliance with mass-production practices.” TrueDrive, their wide portfolio of innovative products, offers high performance, a unique driving experience, and advanced functionality while being cost-effective.
TrueDrive Dynamic is a series of advanced, cost-effective motor controllers optimized for e-scooters, e-motorcycles, 3-wheelers and quadricycles up to 11kW. The Dynamic controllers are designed to integrate to any electric motor and offer vast configuration and customization options, to create the optimal vehicle offering.
The new funding will 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.
“Electrification is driving the automotive industry’s rapid transformation, revolutionizing what we define as a ‘vehicle’ into a smart device on wheels. Samsung is focused on cutting-edge technologies such as those produced by IRP Systems, and which can accelerate this transformation and help to expand the automotive ecosystem for new players,” said Samsung Ventures’ spokesperson.
“We are very impressed by IRP’s product and management team. We believe that the expected growth in electric mobility and the good cooperation with the car industry and Renault, will lead the company to impressive future achievements,” said Avi Kenet, CCO at Israeli Renault-Nissan importer Carasso Motors.