WeaveGrid, a San Francisco, CA-based software company that enables rapid electric vehicle (EV) adoption on the electric grid, raised $28M in funding.
The round was led by Woven Capital. Existing investors Activate Capital, Collab Fund, Emerson Collective, and Salesforce Ventures participated, with debt provided by HSBC Innovation Banking.
The company intends to use the funds to consolidate its position as a platform for EV managed charging, building on previous direct integration collaborations with companies like Toyota.
Led by CEO Apoorv Bhargava, WeaveGrid empowers automakers and electric utilities to intelligently deploy and optimize the value of grid-interactive vehicles, while creating enhanced charging experiences for EV drivers. Utilizing its managed charging platform, automakers and utilities alike can accelerate the rapid adoption of EVs while ensuring grid stability. Its EV Management System (EVMS) enables grid-integrated EV charging and offers a comprehensive suite of solutions for utilities, including vehicle-to-grid capabilities, artificial intelligence (AI) technology, and a patented approach to electric distribution optimization, in a moment of load growth driven by electrification and AI data centers.
FinSMEs
10/12/2024