What’s Happening: ChargeLab, an electric vehicle (EV) charging software provider, has announced an additional $15 million in funding to its Series A round, bringing the total to $30 million. The new financing includes $10 million in equity financing at a higher valuation and $5 million in venture debt. EV charging network operator Silver Comet and intelligent power management firm Eaton have joined as strategic investors.
Why It Matters: This additional funding will enable ChargeLab to expand its engineering team, introduce new products to the market, and work toward becoming the most prevalent back-end platform for managing smart EV chargers. The company’s partnerships with Silver Comet and Eaton will help build a robust EV charging ecosystem and offer end-to-end solutions for EV charging infrastructure.
- ChargeLab’s original Series A tranche of $15 million, led by King River Capital, was announced on May 18, 2022.
- Silver Comet plans to develop a network of DC fast charging stations using ChargeLab’s technology.
- Eaton has integrated a version of ChargeLab’s platform with its line of EV chargers in North America.
- ChargeLab’s API-first architecture and software make its platform more modular and scalable than competitors.
- The platform offers automated monitoring of EV chargers, management of pricing and access rules, payment processing, and electrical load balancing.
Bottom Line: ChargeLab’s additional funding and strategic partnerships with Silver Comet and Eaton will strengthen its position in the growing EV charging industry, allowing the company to scale its platform and improve its offerings. By working with established players in the EV space, ChargeLab is well-positioned to become a leading back-end platform for managing smart EV chargers.