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WeaveGrid, a software leader facilitating electric vehicle (EV) integration with the electric grid, has raised $28 million in funding. The round, led by Toyota’s Woven Capital, includes participation from existing investors Activate Capital, Collab Fund, Emerson Collective, and Salesforce Ventures, with debt provided by HSBC Innovation Banking. This investment underscores WeaveGrid’s commitment to accelerating EV adoption and enhancing grid reliability.
Key Highlights
- Lead Investor: Woven Capital, Toyota’s growth fund, spearheaded the funding round.
- Strategic Focus: Deepening collaborations with automakers, expanding utility-focused product capabilities, and improving EV driver experiences.
- Technology Integration: Advanced solutions for grid-integrated EV charging, including AI-driven and patented electric distribution optimization.
- Market Presence: Supports utilities managing over 40% of EVs in the U.S., with over a dozen integrations with automotive brands and charging suppliers.
WeaveGrid aims to strengthen partnerships with automakers and utilities to tackle challenges in decarbonizing the automotive sector. CEO Apoorv Bhargava emphasized the importance of this collaboration, stating, “Toyota is an invaluable collaborator in overcoming one of the most complex challenges of decarbonizing the auto industry: ensuring electric grid reliability by transforming EVs into grid-interactive assets. This investment will enable us to further expand our platform, invest in research and development, and forge deeper relationships with automakers and utilities alike.”
Nicole LeBlanc, partner at Woven Capital, praised WeaveGrid’s contributions, adding, “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.”
WeaveGrid’s EV Management System (EVMS) offers utilities a comprehensive suite of tools, including vehicle-to-grid capabilities and artificial intelligence solutions, to manage increasing demand driven by electrification and AI data centers. EV drivers benefit from clean, reliable, and affordable power while automakers ensure secure data handling and enhanced grid stability.
This funding round further solidifies WeaveGrid’s position as a leading platform for managed EV charging, enabling a sustainable future through innovative technology. The company’s direct integration efforts with automotive giants and utility providers make it a pivotal player in the evolving EV ecosystem.
About WeaveGrid
WeaveGrid empowers automakers and utilities to maximize the value of grid-interactive vehicles while delivering superior charging experiences. For more information, visit www.weavegrid.com.
About Woven Capital
Woven Capital, Toyota’s growth fund, invests in innovative startups advancing electrification, automation, and smart vehicle technology. Learn more at woven.vc.
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