Israeli electric motion technology startup IRP Systems Ltd. announced today that it has raised $17 million in new funding to develop its technology and hire more people.

The Series B round was led by Fosun RZ Capital and included JAL ventures, Entrée Capital, Tal Capital, Union Tech Ventures, Cendana Capital and Champion Motors.

Founded in 2015, IRP Systems designs and manufactures technology for the electric vehicle market as well as aviation and industrial robots. Its TrueDrive portfolio of electric motors and controllers is claimed to offer an unprecedented level of powertrain efficiency, range and performance while minimizing total powertrain costs.

The company’s technology with control algorithms and powertrain design is said to deliver unique driving experiences and advanced functions while at the same time being cost-effective. IRP System’s offering for electric cars includes high voltage motors and controllers that help remove the barrier for EV adoption by enabling lower powertrain and battery costs.

IRP Systems also provides partners such as original equipment manufacturers the option to purchase or license their e-powertrain system design and use existing production lines to manufacture them. The company doesn’t name whom it works with, but it describes its customers as including the automotive industry’s leading OEMs.

A report from Haaretz in 2019, however, noted that the company is working with both Renault SA and Nissan Motor Co. Ltd. on a joint innovation laboratory in Tel Aviv.

“We are confident that our technology will enable the electric vehicle market to overcome its biggest hurdle: cost,” Moran Price, co-founder and chief executive of IRP Systems, said in a statement. “Using innovative techniques rooted in the aerospace industry, we’ve developed electric powertrain products that are truly high-performance and cost-effective so they can be scaled quickly to accelerate mass-market adoption of EVs of all kinds.”

Including the new funding, IRP Systems has raised $20 million to date.

Photo: IRP Systems