WeaveGrid—a software company that enables rapid electric vehicle (EV) adoption on the electric grid—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 highlights 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.
By utilizing WeaveGrid’s technology, automakers are looking to ensure that the data from their software-defined electric vehicles is handled with the utmost security while contributing to grid stability. WeaveGrid’s EV Management System (EVMS) enables grid-integrated EV charging. It offers a comprehensive suite of utility solutions, such as vehicle-to-grid capabilities, 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 charge their vehicles with clean, reliable, and affordable power.
This strategic funding 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 that serve more than 40% of electric vehicles in the United States.
As the demand for EVs continues to grow, WeaveGrid is prepared to play a major role in shaping the future of electric transportation by driving software innovation at the intersection of energy and mobility.
KEY QUOTES:
“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. This investment will enable us to further expand our platform, invest in research and development, and forge deeper relationships with automakers and utilities alike.”
- Apoorv Bhargava, CEO of WeaveGrid
“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. We have been particularly impressed not just with WeaveGrid’s automotive capabilities but their high-caliber deployments with the largest utilities in the US.”
- Nicole LeBlanc, partner at Woven Capital
