Israeli startup IRP Systems secures a $31 million Series C funding round, led by Clal Insurance and Altshuler Shaham. The investment also saw participation from Samsung Ventures, Carasso Motors, and Shlomo Group. These were joined by the company’s existing investors, which include Entrée Capital, Fosun RZ Capital, JAL Ventures, Tal Capital, Union Tech Ventures, Cendana Capital and Allied Group subsidiary Champion Motors, the Israeli direct importer and distributor of Volkswagen Group.

Increasing range and decreasing price of EVs

The electric vehicle revolution is already in full effect around the world, yet in markets like Israel the EV revolution is lagging. This is mostly due to an imbalance between the weight and price of the vehicles to the will of manufacturers to provide improved driving performance and range. IRP Systems develops high-performance electric powertrain systems for a variety of e-mobility platforms, which should help reduce weight and cost of EVs, while upping the vehicle’s range. “Through our own advanced proprietary algorithms, we are able to reach higher performance from the vehicle, while utilizing the battery and electric engine to its fullest,” explains CTO and co-founder Paul Price.” The company reported growth in 2020 and onboarding “automotive leaders as customers.” Additionally, the company launched a line of powertrains and EV motors for various eMobility platforms, and according to IRP, have already been put to use in numerous “leading global brands in Europe and Asia.”

IRP Systems was founded in 2011 by CEO Moran Price and her husband and CTO Paul Price. The married couple run IRP from its Israeli headquarters, where they employ 52 people. The company has raised $57 million to date, and plans on using the capital to mass market its solutions for the urban EV markets.