Tel Aviv-based IRP Systems, a provider of electric powertrain solutions for e-mobility, has closed a $31 million Series C funding found, the company announced Thursday.
Follow Israel Hayom on Facebook and Twitter
This round led by Clal Insurance and Altshuler Shaham, with contributions from Samsung Ventures, Renault-Nissan importer Carasso Motors, and Shlomo Group, brings the startup's total funding to $57 million.
IRP Systems' TrueDrive solution enables high performance and efficiency while reducing the weight, size and overall cost of the powertrain in electric vehicles of all sizes. The company's electric motors and controllers allow electric vehicle (EV) manufacturers to 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 IRP Systems co-founder and CEO Moran Price.
