May 12, 2020 / 1:02 PM / 18 days ago

Israeli electric powertrain provider IRP Systems raises $17 mln

TEL AVIV, May 12 (Reuters) - IRP Systems, an Israeli provider of electric powertrain products for electric vehicles, said on Tuesday it has raised $17 million in a funding round led by Chinese venture capital firm Fosun RZ Capital.

Other investors include JAL Ventures, Entrée Capital, Tal Capital, Union Tech Ventures, Cendana Capital and Allied Group subsidiary Champion Motors, the Israeli importer of Volkswagen.

IRP CEO Moran Price said Fosun RZ’s support will help the company advance its efforts in fast-growing Asia-Pacific markets.

IRP Systems was founded as an aerospace powertrain company by Paul and Moran Price and made a strategic decision to redirect its products and software to the automotive sector. (Reporting by Tova Cohen Editing by Steven Scheer)

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