WeaveGrid secures $28-million investment for EV grid integration software
Summary
San Francisco-headquartered WeaveGrid, a developer of charging management software for integrating EVs into power grids, has raised $28 million in a funding round led by Woven Capital, Toyota’s growth fund. The investment will be used to broaden collaborations with automakers and electric utilities. WeaveGrid’s EV management system is designed to enable grid-integrated EV charging, and offers utilities vehicle-to-grid capabilities and a patented approach to electric distribution optimization. “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 WeaveGrid CEO Apoorv Bhargava.
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