WeaveGrid Secures $28 Million in Funding to Enhance EV-Grid Integration and Drive Sustainable Mobility Solutions
WeaveGrid, a software company based in San Francisco, California, has recently secured $28 million in funding. This strategic investment was led by Woven Capital, Toyota’s growth fund, and included participation from existing investors such as Activate Capital, Collab Fund, Emerson Collective, and Salesforce Ventures, with additional debt provided by HSBC Innovation Banking.
WeaveGrid specializes in enabling rapid electric vehicle (EV) adoption on the electric grid. The company’s platform is designed to help automakers and electric utilities deploy and maximize the value of grid-interactive vehicles, while also creating enhanced charging experiences for EV drivers. This latest funding round underscores WeaveGrid’s position as the preferred platform solution for automakers seeking to securely and seamlessly integrate their EVs with the electric grid.
The investment will be used to deepen collaborations and integrations with automakers, expand product capabilities for electric utilities, and enhance the EV driver experience. WeaveGrid’s technology is particularly valued for its ability to handle data from software-defined electric vehicles with utmost security, while also contributing to grid stability.
Apoorv Bhargava, CEO of WeaveGrid, highlighted the importance of Toyota’s collaboration in overcoming the complex challenges of decarbonizing the auto industry. “Toyota is an invaluable collaborator in ensuring electric grid reliability by transforming EVs into grid-interactive assets,” he stated. “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.”
Nicole LeBlanc, partner at Woven Capital, emphasized the automotive industry’s focus on delivering solutions that optimize charging for both drivers and the grid. “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,” she noted. “We have been particularly impressed not just with WeaveGrid’s automotive capabilities, but their high-caliber deployments with the largest utilities in the US.”
WeaveGrid’s platform has already demonstrated significant success, with integrations with over a dozen automotive brands and EV charging suppliers. The company supports utilities serving more than 40% of electric vehicles in the United States, positioning it as a pivotal player in shaping the future of electric transportation.
The strategic investment by Woven Capital and other investors reflects the growing demand for EVs and the need for innovative solutions to manage their integration with the electric grid. WeaveGrid’s technology is at the forefront of this effort, leveraging machine learning, optimization, and predictive analytics to solve EV-grid integration challenges and help integrate renewable energy resources on the grid.
This funding will enable WeaveGrid to further expand its platform, invest in research and development, and forge deeper relationships with automakers and utilities alike. As the automotive industry continues to focus on delivering sustainable and efficient mobility solutions, WeaveGrid is poised to play a critical role in driving software innovation at the intersection of energy and mobility.