WeaveGrid, a developer of electrification software to deploy EVs at scale on the grid, has raised $28 million in funding led by Woven Capital. Existing investors, including Activate Capital, Collab Fund, Emerson Collective, and Salesforce Ventures, participated in this funding. HSBC Innovation Banking provided the debt funding.
The company says this funding will help position itself as a platform for EV-managed charging, building on previous direct integration collaborations with automakers like Toyota.
“The automotive industry is focused on delivering solutions that find a way to optimize charging for both drivers and the grid,” said Nicole LeBlanc, partner at Woven Capital.
Woven Capital is Toyota’s growth fund that started in 2021 and has invested nearly $800 million in startups, primarily focused on advanced automation, energy storage, further electrification, and making vehicles smarter.
“Working together (with Toyota), 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.”
According to the company, WeaveGrid’s EV Management System (EVMS) facilitates grid-integrated EV charging and provides a comprehensive suite of solutions tailored for utilities. These include advanced vehicle-to-grid capabilities, AI-powered technology, and a patented approach to optimizing electric distribution systems.
In 2022, the company raised $35 million in Series B funding, with participation from new investors Activate Capital, Collaborative Fund, Emerson Collective, and MCJ Collective and existing investors Breakthrough Energy Ventures, Coatue, Grok Ventures, and The Westly Group.
According to Mercom’s 9M and Q3 2024 Funding and M&A report for Energy Storage and Smart Grid, Corporate funding for Smart Grid companies in 9M 2024 totaled $2 billion in 53 deals, 33% lower YoY compared to $3 billion raised in 48 deals in 9M 2023.
