China’s Fosun RZ Capital has led a $17-million Series B funding round in IRP Systems, an Israel-based provider of innovative electric powertrain products for e-mobility, according to a statement.
JAL Ventures, previous investor Entrée Capital, Tal Capital, Union Tech Ventures, Cendana Capital and Allied Group subsidiary Champion Motors, the Israeli direct importer and distributor of Volkswagen Group, also participated in this round.
Founded in 2015, IRP Systems specialises in high-performance electric powertrain systems for a variety of e-mobility platforms, enabling powerful and affordable electric vehicles.
Its TrueDrive™ portfolio of electric motors and controllers offers powertrain efficiency, range and performance while minimizing total costs.
The company said that it will use funds to meet the burgeoning demand for its TrueDrive™ technology and accelerate its system integration into leading automotive platforms.
“We are excited to partner with Fosun RZ Capital, whose strong support will significantly help advance our efforts in APAC, the largest and fastest-growing market for electric vehicles,” said Moran Price, CEO and co-founder of IRP Systems.
Meanwhile, Fosun RZ Capital’s Israel managing director Danny Hadar said, “we are proud to partner with them and help increase their footprint in the Chinese market.”
Founded in 2013, Fosun RZ Capital is an affiliate of Fosun Group. As one of the most globalised venture capital platforms in China, RZ Capital invests in high-growth, high-tech companies in major economic growth regions and has fostered innovation ecosystems around the world, with 7 offices in China, United States, India and Israel.
Last year, the firm led a $6.75 million Series A round of funding in Israeli hotel booking platform Splitty.