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WeaveGrid, a software innovator accelerating electric vehicle (EV) adoption through grid optimization, has secured $28 million in funding, spearheaded by Toyota's growth fund, Woven Capital. Existing backers, including Activate Capital, Collab Fund, Emerson Collective, and Salesforce Ventures, also participated, with HSBC Innovation Banking providing debt financing.
"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," said Apoorv Bhargava, CEO of WeaveGrid. "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."
"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. "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."
The investment reinforces WeaveGrid's position as the preferred EV grid-integration platform. It enables automakers to securely connect software-defined EVs to the electric grid while delivering an optimized, reliable, and cost-efficient charging experience for drivers. Automakers leveraging WeaveGrid’s platform can ensure data security and actively contribute to grid stability.
WeaveGrid’s EV Management System (EVMS) empowers utilities with cutting-edge tools such as:
Grid-integrated EV charging
Vehicle-to-grid capabilities
AI-powered optimization
A patented approach to electric load distribution
WeaveGrid offers a streamlined cybersecurity solution for EV charging management as electrification and data centre demand to drive significant load growth. The platform ensures EV owners charge with clean, affordable power, promoting confidence and convenience.
WeaveGrid’s leadership in EV grid solutions is evident through its dozen-plus official integrations with top automotive brands and EV charging suppliers. The company already supports utilities serving over 40% of U.S. EVs, positioning itself to play a pivotal role in the future of electric mobility.
With the EV market booming, this funding will drive WeaveGrid’s continued innovation at the intersection of energy and transportation, addressing grid challenges while accelerating the transition to a sustainable, electric future.
About WeaveGrid
WeaveGrid enables automakers and utilities to deploy grid-interactive vehicles intelligently, fostering EV adoption while ensuring grid stability and enhanced driver charging experiences.
About Woven Capital
Woven Capital, Toyota's $800M growth fund, invests in technologies advancing mobility, automation, electrification, and smart energy solutions.
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