israel’s electric powertrain maker irp systems raises a $31m series c
IRP Systems Secures $31 Million in Series C Funding
IRP Systems, a company specializing in the development of advanced electric powertrains for electric vehicles, has successfully completed a $31 million Series C funding round.
This new investment increases the company’s total funding to $57 million, bolstering its position within the rapidly evolving EV market.
Investment Details and Participants
The funding round was spearheaded by prominent Israeli institutional investors, Clal Insurance and Altshuler Shaham.
Samsung Ventures, Carasso Motors (the importer for Renault-Nissan), and Shlomo Group also contributed to the round.
Existing investors, including Entrée Capital, Fosun RZ Capital, and JAL Ventures, reaffirmed their commitment by participating as well.
IRP Systems’ Technology and Impact
IRP Systems provides comprehensive powertrain solutions to a diverse range of EV manufacturers, notably including Renault.
The company’s electric powertrains are engineered to deliver enhanced performance and efficiency.
A key benefit is the reduction in weight, size, and overall cost associated with powertrains in electric vehicles across various vehicle classes.
CEO Statement and Future Plans
Moran Price, CEO and co-founder of IRP Systems, stated that the automotive sector is experiencing fundamental changes driven by electrification and digitalization.
He emphasized that IRP Systems is at the forefront of this transformation and will leverage the new investment to continue developing groundbreaking solutions and expand into new EV segments.
Strategic Allocation of Funds
The newly acquired capital will be strategically allocated to several key areas:
- Scaling the development of its powertrain systems for electric vehicles.
- Accelerating the transition towards mass production capabilities.
- Expanding research and development (R&D) efforts.
- Strengthening operations and customer support infrastructure.
- Aggressively pursuing global sales and marketing initiatives.
These efforts are designed to solidify IRP Systems’ position as a leading innovator in the electric powertrain industry.
Mike Butcher
Mike Butcher: A Profile of a Leading Tech Voice
Mike Butcher, M.B.E., is a highly respected figure in the technology landscape. Previously serving as Editor-at-large for TechCrunch, his journalistic background includes contributions to prominent UK newspapers and magazines.
Recognition and Influence
Wired UK has recognized Butcher as one of the most influential individuals shaping European technology. His insights are frequently sought after on global stages.
He has been a speaker at prestigious events such as the World Economic Forum, Web Summit, and DLD, sharing his expertise with diverse audiences.
High-Profile Interviews
Throughout his career, Butcher has conducted interviews with a remarkable array of prominent figures. These include former UK Prime Minister Tony Blair, Russia’s Dmitry Medvedev, and actor Kevin Spacey.
His interviewees also encompass figures from the tech world and beyond, such as Lily Cole, Pavel Durov, Jimmy Wales, and numerous other technology leaders and celebrities.
Broadcasting and Advisory Roles
Mike Butcher is a frequent commentator on technology trends, regularly appearing as a broadcaster on major news networks.
He has provided analysis and commentary for BBC News, Sky News, CNBC, Channel 4, Al Jazeera, and Bloomberg.
Beyond media, Butcher has also lent his expertise to government. He has advised both UK Prime Ministers and the Mayor of London regarding policies related to tech startups.
Additional Achievements and Initiatives
His contributions have been widely acknowledged, including being named one of the 100 Most Connected Men in the UK by GQ magazine.
Butcher is also actively involved in several impactful initiatives. He co-founded TheEuropas.com, a listing of the top 100 European startups.
Non-Profit Work and Honors
He demonstrates a commitment to social impact through his involvement with several non-profit organizations. These include Techfugees.com, TechVets.co, and Startup Coalition.
In 2016, Mike Butcher was awarded an M.B.E. in the Queen’s Birthday Honours list. This recognition was for his dedicated services to the UK technology industry and journalism.