WeaveGrid, a developer of software solutions for the scalable deployment of electric vehicles on the electric grid, today announced $15M in Series A fundraising to enable its next stage of growth.
The round was led by Coatue with participation by Breakthrough Energy Ventures and existing investors The Westly Group, Grok Ventures, and several prominent angel investors including Ramez Naam and Josh Felser.
“WeaveGrid’s enterprise software solutions serve as the interface between these two evolving industries, enabling both to benefit from the EV transition and – most critically – to offer a seamless and delightful experience for drivers abandoning gas stations as a relic of the past,” said Divesh Gupta, Director of Strategy for Baltimore Gas & Electric, an early WeaveGrid customer.
WeaveGrid’s charging solutions are now deployed by some of the biggest utilities in the U.S. to lower grid infrastructure costs, integrate more renewables, and save drivers money.
“We are at an inflection point in the public discourse about decarbonization, infrastructure investment, grid reliability, and the transformative nature of EVs,” said WeaveGrid CEO Apoorv Bhargava.
“We choose to operate at the intersection of these major, confounding challenges, and are thrilled to work with investors who have validated our vision for software- and analytics-driven solutions to these big, hairy problems.” Coatue, an investor in EV companies like Tesla and Rivian, sees WeaveGrid’s potential to accelerate EV adoption.
“We are excited to partner with WeaveGrid and support Apoorv, John, and their team. WeaveGrid is bridging the tech, mobility, and energy worlds through a software platform that transforms EVs into energy assets. WeaveGrid’s approach could revolutionize the role of EVs in the home,” said Coatue’s Jaimin Rangwalla, who has joined WeaveGrid’s Board of Directors.