- EV charging data analysis company Stable recently announced it raised $14 million. These are the details.
EV charging data analysis company Stable recently announced it raised $14 million.
Funding amount: Unknown
Funding round: Series A
Total funding raised so far: $14 million
Investors: Lead investor Congruent Ventures was joined by Homecoming Capital and Ironspring Ventures this round, along with seed investors Trucks Venture Capital, Ubiquity Ventures, E14 Fund, Ahoy Capital, Upside Partnership, Qasar Younis and others.
Founders: Stable co-founders and MIT Media Lab alumni include Rohan Puri and Jamie Schiel
What the funding will be used for: Accelerating hiring of data scientists and engineers to help guide the next $39 billion* in EV charging deployments and spending from the Bipartisan Infrastructure Law (*according to calculations from Atlas Policy). Making EV charging stations profitable remains critical to adoption, as Stable’s own data shows that most chargers are used less than 10% of the time, and very few are used more than 20% of the time.
KEY QUOTES:
“Stable’s Machine Learning models help financial institutions, infrastructure developers and charging networks turn arbitrary decisions into data-driven ones based on a variety of factors like average trip distance, nearby amenities and energy costs. Predicting charger usage is just the beginning of EV adoption, and we’ll continue to help our customers deploy, track and monitor their investments.”
— Stable co-founder and CEO Rohan Puri
“We have been closely studying the challenges to EV infrastructure deployment, as millions of chargers are coming online over the next few years, and Stable is solving a major pain point. Their highly accurate Machine Learning analytics – truly unique in the industry – allow customers to optimize their investments by placing public EV chargers in the best locations, which is essential to ensure consistent profitability for owners and smooth journeys for EV drivers.”
— Jackie Kossmann, partner at Congruent Ventures
“’We are headed into a surge for a nationwide build out that will 10x the current number of EV chargers available to drivers. Stable tells asset owners where to put them to make more money and serve more customers.”
— Reilly Brennan, founding partner at Trucks Venture Capital
