Israel-based electric powertrain technology developer IRP Systems has secured $17m in a series B round led by Fosun RZ Capital, a corporate venture capital arm of conglomerate Fosun, DealStreetAsia reported yesterday.
Champion Motors, the Israeli importer and distributor for carmaker Volkswagen, also contributed to the round, as did JAL Ventures, Entrée Capital, Tal Capital, Union Tech Ventures and Cendana Capital.
Founded in 2015, IRP Systems is working on electric powertrain systems as the basis for affordable electric vehicles.
The company will use the series B capital to meet demand for its product suite, TrueDrive, and accelerate its integration into a range of automotive offerings. It will also use the money and expertise of Fosun RZ Capital to support an expansion in the Asia Pacific region.
Entrée Capital was identified as a returning investor by DealStreetAsia, though further details about IRP’s prior funding could not be ascertained.
