WeaveGrid, a developer of electrification software for the scalable deployment of EVs on the electric grid, announced that it had raised $35 million in Series B funding.
Salesforce Ventures led the round, with participation from new investors Activate Capital, Collaborative Fund, Emerson Collective, and MCJ Collective and existing investors Breakthrough Energy Ventures, Coatue, Grok Ventures, and The Westly Group.
The shift to EVs is happening rapidly, with newly passed federal and state policies helping to increase the adoption of EVs.
WeaveGrid leverages machine learning capabilities and driver engagement tools to support EV charging optimization. Their technology enables utilities to build an understanding of EV charging data, actively manage and shift EV charging off-peak, and fully automate charging for real-time, last-mile distribution constraints.
The company plans to use the funds to support expanded product capabilities for utilities, deepen engagement with automakers, and enhance driver experience at a critical time for electric vehicles and the power grid.
'How we handle tens of millions of new EVs coming onto the power grid is amongst the most important technological challenges in the clean energy transition. With this investment, we will expand our product capabilities, deepen engagement with our partner ecosystems, and make charging simple and convenient for EV drivers,' said WeaveGrid CEO Apoorv Bhargava.
The company's clientele includes U.S utilities Pacific Gas and Electric Company (PG&E), Xcel Energy, and Exelon Utilities.
'With one in six electric vehicles in the United States registered in our service area today, PG&E aims to support three million EVs on the road in our service area by 2030,' said Aaron August, Vice President of Utility Partnerships and Innovation at PG&E. 'To achieve that goal, PG&E is actively collaborating with innovative technology and software companies like WeaveGrid to integrate this coming wave of EVs onto the electric grid and help realize their full potential in delivering grid reliability, resiliency, and reduced greenhouse gas emissions.'
According to Mercom's 9M And Q3 2022 Funding and M&A Report for Storage, Grid & Efficiency. VC funding in Smart Grid companies in 9M 2022 was 162% higher, with a record $2.5 billion compared to the $936 million raised in 9M 2021.
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