The current EV market is skyrocketing and is estimated to account for 10% of global passengers by 2025. This market growth is also likely to get further encouraged by the UK government’s plans to ban the sale of petrol and diesel cars by the year 2030. In the UK alone, there were over 235,000 pure-electric cars on the road at the end of March 2021 and over 495,000 plug-in models if including plug-in hybrids (PHEVs).
On a similar note, IRP Systems, the leading provider of innovative electric Powertrain solutions for e-mobility, announced a $31M (£22.2M) Series C funding round recently, bringing its total funding to $57M (£41M). 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.
TrueDrive – an innovative electric Powertrain
IRP Systems provides TrueDrive, a revolutionary electric Powertrain that enables high performance and efficiency while reducing the weight, size and overall cost of the Powertrain in electric vehicles of all sizes. Using the company’s innovative electric motors and controllers, electric vehicle manufacturers can eliminate the industry’s tradeoff between cost and performance.
“The automotive industry is undergoing tectonic shifts in recent years, as electrification and digitalisation are becoming core automotive technologies. IRP Systems are 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 Moran Price, CEO and Co-Founder of IRP Systems.
Rapid growth support
The funding round will enable the company to double down on its rapid growth in customers. During the past year, IRP Systems acquired leading global automotive customers and more than doubled its size. In addition, IRP has announced the general availability of TrueDrive, its comprehensive product line for electric personal mobility, covering a wide range of 2, 3 and 4-wheeler applications, which is already in use by leading global automotive brands in Asia Pacific (APAC) and Europe.
How funding will help in scaling the development?
The new funding will also 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.
Further, 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 innovative 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.
The existing investors of the company 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.