WeaveGrid, a San Francisco, CA-based software company that builds data products to enable rapid electric vehicle (EV) adoption, announced today that it raised $35 million in Series B funding.
The round was led by Salesforce, 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.
Strategic and angel investors, including Climate Capital, George and Andrea Thampy, John Wolthuis (cofounder of Twilio), Nan Ransohoff (Head of Climate at Stripe), Ramez Naam of PlanetaryVC, Sophie Purdom (cofounder of Climate Tech VC), Yoav Lurie (former CEO at Simple Energy), and others, also participated in the round.
This funding will support its expanded product capabilities for utilities, deepen engagement with automakers, and enhance driver experience at a critical time for electric vehicles and the power grid.
“We are proud to welcome Salesforce Ventures as the lead investor in this round. Salesforce is the leading enterprise SaaS company in the world—including in the utility and automotive sectors–and will make an excellent partner as we continue our growth,” said WeaveGrid CEO Apoorv Bhargava. “How we handle tens of millions of new EVs coming onto the power grid is amongst the most important technological challenges in the clean energy transition. With this investment, we will expand our product capabilities, deepen engagement with our partner ecosystems, and make charging simple and convenient for EV drivers.”
Leading utilities in the United States, such as Pacific Gas and Electric Company (PG&E), Xcel Energy, and Exelon Utilities, use WeaveGrid software to reduce grid infrastructure costs, integrate more electric vehicles, and save drivers money.
Company: Weave Grid, Inc.
Raised: $35.0M
Round: Series B
Funding Month: November 2022
Lead Investors: Salesforce
Additional Investors: Activate Capital, Collaborative Fund, Emerson Collective, MCJ Collective, Breakthrough Energy Ventures, Coatue, Grok Ventures, The Westly Group, Climate Capital, George and Andrea Thampy, John Wolthuis, Ramez Naam, Sophie Purdom, and Yoav Lurie
Company Website: https://www.weavegrid.com/
Software Category: EVcharging Management Solutions
About the Company: Founded in 2018 by Apoorv Bhargava and John Taggart, WeaveGrid is a software company building data products to enable the electric transportation transition. The SaaS company’s platform connects a growing wave of electric vehicles to an electric grid that was not designed to support the high power needs of widespread charging. WeaveGrid uses cutting-edge data science and optimization to bring value to all stakeholders in this transition, including utilities, automakers, and drivers. The company is headquartered in San Francisco, California.
Source: https://www.weavegrid.com/news/weavegrid-announces-series-b-fundraising