WeaveGrid is a San Francisco-based software company focusing on electric vehicle grid integration that has managed to close $28 million in its recent funding round. This round was led by Woven Capital, Toyota’s growth fund, with participation from existing investors Activate Capital, Collab Fund, Emerson Collective, and Salesforce Ventures. Debt financing was also received from HSBC Innovation Banking.

Company Summary

WeaveGrid, founded in 2018 by CEO Apoorv Bhargava and President John Taggart, has software that streamlines EV integration into the electric grid. This platform enables utilities and carmakers to operate in tandem with each other while working on charging efficiently. WeaveGrid keeps the stability of the grid and allows drivers to optimize charging for the best possible experience.

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Funding Details

This $28 million investment further establishes the fact that WeaveGrid is at the forefront of providing an EV managed charging platform. Woven Capital’s entry into this particular deal makes clear how important WeaveGrid’s technology is strategically to the evolving mobility ecosystem.

 “WeaveGrid’s outstanding technology enhances experiences for all stakeholders, notably automotive OEMs like Toyota, ultimately towards a more sustainable and efficient mobility ecosystem,” mentioned Nicole LeBlanc, partner with Woven Capital.

With this influx of capital, WeaveGrid will:

• Expand Platform Capabilities: Enhance their EVMS to support advanced features such as V2G capabilities and AI-driven optimization.
• Broaden Collaborations: Deepen relationships with auto manufacturers and utilities to allow for widespread adoption of their solutions.

Invest in Research and Development: Drive innovation to address emerging challenges in EV-grid integration and support rapid electric vehicle adoption.

Technological Innovation

WeaveGrid’s EVMS provides a holistic package of solutions, such as:

• Grid-Integrated EV Charging: This facility will enable drivers to charge vehicles when it is both cheapest and most energy efficient for the electric grid, thereby enabling utilities to support system planning and optimize distribution loads. ESG TODAY
• Vehicle-to-Grid (V2G) Capabilities: Enables bi-directional energy flow, thereby enabling EVs to supply power back to the grid during peak demand periods.
• AI Technology: It uses artificial intelligence for predicting and managing charging patterns to ensure optimal load distribution and grid stability.
• Patented Electric Distribution Optimization: It uses proprietary algorithms for optimizing the efficiency and reliability of electricity distribution in the context of increasing EV adoption.

Market Context

It means, as the automotive sector hastens toward electrification, integration of EVs within current grid infrastructure is a quite massive issue to address. WeaveGrid answers to such challenges by transforming their solutions into grid-interactive assets, ensuring electric grid reliability and supporting the auto industry’s decarbonization process. 

CEO Apoorv Bhargava, according to whom: “Toyota is an invaluable collaborator in helping surmount one of the biggest issues related to the decarbonization of the auto-industry: transforming EVs into grid-interactive assets.”

Future Prospect

With the new funding, WeaveGrid is expected to expand its platform, invest in research and development, and strengthen collaborations with automakers and utilities. This strategic investment further solidifies WeaveGrid’s position as the leading platform for EV managed charging, building on previous direct integration collaborations with companies like Toyota.

As demand for EVs increases, WeaveGrid will be at the forefront of building the future of electric transportation through driving innovation in software at the intersection of energy and mobility.