Toyota Leads $28 Million Investment in EV Charging Software Startup WeaveGrid
EV charging software platform provider WeaveGrid announced that it has raised $28 million in a funding round led by Toyota’s growth fund, Woven Capital, with proceeds aimed at supporting the expansion of WeaveGrid’s platform, capabilities and relationships with automakers and utilities.
Founded in 2018 by CEO Apoorv Bhargava and President John Taggart, California-based WeaveGrid provides a platform aimed at accelerating the adoption of electric vehicles by helping to solve critical EV-grid integration challenges with solutions targeted at utilities, automotive OEMs and drivers. The company’s solutions include grid-integrated EV charging, allowing drivers to charge vehicles when it’s most cost-effective and energy-efficient on the electric grid, and helping utilities to support system planning, optimize distribution loads and offer managed charging programs for EV customers. The company also works with OEMs to align software to interface with electric utilities and to grid intelligence into product features.
Woven Capital was founded in 2021 as Toyota’s investment arm, with approximately $800 million in assets under management, targeting investments in growth-stage mobility innovation-focused companies.
Bhargava said:
“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. 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.
Bhargava added that the new capital will enable the company “to further expand our platform, invest in research and development, and forge deeper relationships with automakers and utilities alike.”
Additional participants in the funding round included existing investors Activate Capital, Collab Fund, Emerson Collective, and Salesforce Ventures, with debt provided by HSBC Innovation Banking.
Nicole LeBlanc, Partner at Woven Capital, said:
“The automotive industry is focused on delivering solutions that find a way to 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.