The strategic investment led by Toyota’s growth fund, Woven Capital, with participation from existing investors, will deepen collaborations and integrations with automakers, expand product capabilities for electric utilities, and enhance the EV driver experience.
SAN FRANCISCO, Dec. 10, 2024 /PRNewswire/ — WeaveGrid, a software company that enables rapid electric vehicle (EV) adoption on the electric grid, today announced $28 million in funding, led by Toyota’s growth fund, Woven Capital. Existing investors Activate Capital, Collab Fund, Emerson Collective, and Salesforce Ventures participated, with debt provided by HSBC Innovation Banking. This investment underscores WeaveGrid’s position as the preferred platform solution for automakers seeking to securely and seamlessly integrate their EVs with the electric grid while providing an optimized charging experience for EV drivers.
“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,” said Apoorv Bhargava, CEO of WeaveGrid. “Working together, we are accelerating the adoption of EVs by creating a delightful driver experience and providing utilities with the tools they need to manage the grid. This investment will enable us to further expand our platform, invest in research and development, and forge deeper relationships with automakers and utilities alike.”
“The automotive industry is focused on delivering solutions that find a way to optimize charging for both drivers and the grid,” said Nicole LeBlanc, partner at Woven Capital. “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. We have been particularly impressed not just with WeaveGrid’s automotive capabilities, but their high-caliber deployments with the largest utilities in the US.”
By leveraging WeaveGrid’s technology, automakers are looking to ensure that the data from their software-defined electric vehicles is handled with the utmost security, while also contributing to grid stability. WeaveGrid’s EV Management System (EVMS) enables grid-integrated EV charging and offers a comprehensive suite of solutions for utilities, including vehicle-to-grid capabilities, artificial intelligence (AI) technology, and a patented approach to electric distribution optimization, in a moment of load growth driven by electrification and AI data centers. At the same time, EV drivers will feel empowered, knowing they are charging their vehicles with clean, reliable, and affordable power.
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 WeaveGrid supports utilities serving more than 40% of electric vehicles in the United States. As the demand for EVs continues to grow, WeaveGrid is poised to play a pivotal role in shaping the future of electric transportation by driving software innovation at the intersection of energy and mobility. As the only market player with over a dozen official integrations with automotive brands and EV charging suppliers, WeaveGrid is the industry leader in high-quality, cybersecure EV charging management.
About WeaveGrid
WeaveGrid empowers automakers and electric utilities to intelligently deploy and maximize the value of grid-interactive vehicles, while creating enhanced charging experiences for EV drivers. Utilizing WeaveGrid’s market-leading managed charging platform, automakers and utilities alike can accelerate the rapid adoption of EVs while ensuring grid stability. For more information, please visit www.weavegrid.com.
About Woven Capital
Woven Capital is Toyota’s growth fund dedicated to realizing the promise of mobility — how people, goods, information and energy can move. Our global team of investors connects the world’s most promising innovators with the world’s most trusted automotive brand. Founded in 2021, we are investing nearly $800 million in startups that create new ways to connect cities, advance automation, harness and store energy, further electrification, and make our vehicles smarter. Learn more at woven.vc.
Media Contact : Kendall Cody | [email protected]
SOURCE WeaveGrid