New Delhi: EV charging software platform provider WeaveGrid has announced that it has raised $28 million in a funding round led by Toyota’s growth fund, Woven Capital. The proceeds will support WeaveGrid’s platform expansion, capabilities, and relationships with automakers and utilities.
Founded in 2018 by CEO Apurva Bhargava and President John Taggart, California-based WeaveGrid offers a platform that aims to accelerate the adoption of Electric Vehicles (EVs) through significant EV-grid integration challenges will be dealt with. The company provides solutions for utilities, automotive OEMs, and drivers, including grid-integrated EV charging. This allows drivers to pay for their vehicles while being more cost-effective and energy efficient for the grid, and helps utilities optimize system scheduling, manage distribution loads, and create monitored charging schedules so for EV customers WeaveGrid and software meet power utilities and integrate grid intelligence into product features Collaborates with OEMs.
Woven Capital, Toyota’s investment arm, was founded in 2021 and manages approximately $800 million in assets. It focuses on investing in growing companies delivering innovation in mobility.
Bhargava said Toyota is a valuable partner in addressing one of the most difficult challenges of decarbonizing the automotive industry: ensuring the reliability of the electric grid through EVs they will be converted to grid-interactive assets. He emphasized that working together, enhancing the driver experience, and providing users with tools to manage the grid more efficiently will accelerate EV adoption.
Bhargava added that the new capital will enable WeaveGrid to expand its platform, invest in research and development, and build deeper relationships charging software platform provider WeaveGrid has announced that it has raised $28 million in a funding round led by Toyota’s growth fund, Woven Capital. The proceeds will support WeaveGrid’s platform expansion, capabilities, and relationships with automakers and utilities.
Nicole LeBlanc, Partner at Woven Capital, said the automotive industry is focused on delivering solutions that find a way to optimize charging for both drivers and the grid. WeaveGrid’s impressive technology improves the experience for all stakeholders, especially automotive OEMs like Toyota, and ultimately creates a more sustainable and efficient mobility ecosystem.
