For this climate technology startup to charge EVs sustainably, Bill Gates and Salesforce have invested $35 million
- ByStartupStory | November 16, 2022
WeaveGrid, a software startup based in California that assists utilities in preparing their grids for an increase in the adoption of electric vehicles (EVs), has announced that it has raised $35 million in Series B funding. The round was led by the venture capital firm Salesforce Ventures, which is based in the US. Other new investors included Activate Capital, Collaborative Fund, Emerson Collective, and MCJ Collective. The Westly Group, Coatue, Grok Ventures, and Breakthrough Energy Ventures, which is led by Bill Gates, also took part in the most recent financing. The Salesforce Ventures Impact Fund played its first lead role in the WeaveGrid investment, continuing to focus on climate investments. WeaveGrid disclosed its $15 million Series A approximately 18 months before Series B.
By 2035, the market for electric vehicles (EVs) may account for more than half of all new car sales worldwide due to its exponential growth. We are pleased to announce Salesforce Ventures as the round’s lead investor. WeaveGrid CEO Apoorv Bhargava stated that Salesforce is the top enterprise SaaS company in the world, including in the utility and automotive sectors. Salesforce will be a great partner as we continue to grow.
“One of the most significant technological difficulties in the transition to sustainable energy is how we will manage the tens of millions of new EVs that will enter the electricity grid. With this investment, we will enhance the capabilities of our products, strengthen engagement with our partner ecosystems, and simplify and facilitate EV drivers’ access to charging. Claudine Emeott, Partner, Salesforce Ventures Impact Fund, stated that “Salesforce Ventures understands the importance of supporting businesses with software and solving critical problems.” The integration of millions of new EVs to strengthen the grid and improve EV driver happiness is made possible by SaaS and cloud-based technologies, which are crucial for the future of transportation. WeaveGrid is especially positioned to handle these difficulties.
The startup, which was established by Apoorv Bhargava, CEO of WeaveGrid, and John Taggart, CTO, uses machine learning to assist utilities in anticipating and managing significant spikes in power demand from EV charging to balance renewable energy production and lessen the need for expensive grid upgrades. The company’s SaaS platform addresses new EV difficulties to guarantee a clean, egalitarian, and resilient energy transformation.
WeaveGrid’s software solutions are used by top U.S. utilities like Pacific Gas and Electric Company (PG&E), Xcel Energy, and Exelon Utilities to reduce the cost of grid infrastructure, integrate more electric vehicles, and reduce driver costs. The company recently unveiled a project with PG&E in California, the state with the largest number of EVs on its grid. According to Aaron August, vice president of utility partnerships and innovation at PG&E, “one in six electric vehicles in the United States are currently registered in our service area, and PG&E hopes to support three million EVs on the road in our service area by 2030.” To accomplish so, PG&E actively collaborates with cutting-edge software and technology firms like WeaveGrid to integrate the upcoming wave of EVs onto the electric grid and help them reach their full potential in terms of grid dependability, resiliency, and lower greenhouse gas emissions.
Nadia El Mallakh, vice president of clean transportation and strategic partnerships at Xcel Energy, said, “We value our collaboration with WeaveGrid to deliver successful solutions to our customers while helping them save money on EV charging.” By 2050, all vehicles in Xcel Energy’s service area will be able to run on carbon-free electricity or other clean energy, according to the company’s ambitious clean transportation goal. By collaborating with companies like WeaveGrid, we can give our customers more flexibility as they make the switch to cleaner energy sources.
WeaveGrid’s staff membership has nearly tripled since its Series A fundraising campaign; 44% of the team members are women, and 40% are people of colour. The climate technology company has also introduced new products, gained traction through significant contracts with utilities serving thirteen states, and formed new alliances with businesses in the automotive industry. The new funding will hasten WeaveG’s development.
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