WeaveGrid Raises $15 Million Series A to Enable Widescale Adoption of EVs on the Electric Grid

WeaveGrid, a developer of software solutions for the scalable deployment of electric vehicles (EVs) on the electric grid, announced $15 Million in Series A fundraising to enable its next stage of growth. The round was led by Coatue with participation by Breakthrough Energy Ventures and existing investors The Westly Group, Grok Ventures, and several prominent angel investors including Ramez Naam and Josh Felser.

Automaker and government commitments are driving a radical transformation that will soon see millions of new EVs charging across the United States. Electric utilities are in a leading position to benefit from accelerating EV adoption, but face risks as EV charging puts a tremendous new load on the grid. While automakers are increasingly bringing vehicles online, they do not have the infrastructure to interface with electric utilities.

“WeaveGrid’s enterprise software solutions serve as the interface between these two evolving industries, enabling both to benefit from the EV transition and – most critically – to offer a seamless and delightful experience for drivers abandoning gas stations as a relic of the past,” said Divesh Gupta, Director of Strategy for Baltimore Gas & Electric, an early WeaveGrid customer.

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Founded by experienced Stanford entrepreneurs, WeaveGrid has excelled by hiring top tier talent from utilities, tech companies, and auto OEMs, with a shared passion for solving the climate challenge via software and data science. WeaveGrid’s charging solutions are now deployed by some of the biggest utilities in the U.S. to lower grid infrastructure costs, integrate more renewables, and save drivers money.

“We are at an inflection point in the public discourse about decarbonization, infrastructure investment, grid reliability, and the transformative nature of EVs,” said WeaveGrid CEO Apoorv Bhargava. “We choose to operate at the intersection of these major, confounding challenges, and are thrilled to work with investors who have validated our vision for software- and analytics-driven solutions to these big, hairy problems.”

Coatue, an investor in EV companies like Tesla and Rivian, sees WeaveGrid’s potential to accelerate EV adoption. “We are excited to partner with WeaveGrid and support Apoorv, John, and their team. WeaveGrid is bridging the tech, mobility, and energy worlds through a software platform that transforms EVs into energy assets. WeaveGrid’s approach could revolutionize the role of EVs in the home,” said Coatue’s Jaimin Rangwalla, who has joined WeaveGrid’s Board of Directors.

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“As more drivers find themselves behind the wheels of electric vehicles, it’s going to be critical that utilities are prepared for the increased demand on the grid,” said Carmichael Roberts of Breakthrough Energy Ventures. “By optimizing EV charging, WeaveGrid’s innovative software solution will enable utilities to more efficiently meet demand, reducing the need for additional power generation. It’s a great example of using a smart software technology to solve a capital-intensive infrastructure problem and is exactly the type of innovation we will need to unlock the full potential of EVs and reduce global emissions.”

“We couldn’t be more excited to support WeaveGrid’s mission to accelerate decarbonization of the global transportation industry,” said Danny Cotter, Partner at The Westly Group. “Every automotive manufacturer is moving all-electric. Energy utilities need a way to support this transition without significant impact to their infrastructure, and WeaveGrid’s platform meets that need. We have looked at almost every early-stage company in this sector and WeaveGrid is unique in its software-first solution.”

Mike Cannon-Brookes, co-founder and co-CEO of software giant Atlassian, invested in WeaveGrid via his VC fund Grok Ventures, noting that “WeaveGrid’s software-based EV charging solution helps utilities ensure that consumers can continue to purchase and charge EVs pain free and at low cost. The team has combined their deep understanding of energy markets, utilities and data science to bring us a big step closer to decarbonising the grid and transportation.”

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