Xeal raises $11M to expand its digital token payment system for EV chargers –
Summary
“That’s the status quo: if you want smart functions it comes at the dependence on someone else’s connectivity.” Two-year-old Xeal, founded by Isaacson and Nikhil Bharadwaj, aims to solve this tricky problem by bypassing Wi-Fi connectivity entirely, at least at the point of sale. It does so through a patent-pending protocol called Apollo, which uses time-bound cryptographic tokens and distributed ledgers — a mouthful of buzzwords but the centerpiece of Xeal’s technology. In practice, the Apollo protocol looks like a closed loop system between the driver’s phone and the EV charger, which has no IT infrastructure, modems, ethernet cables or SIM cards. The main catalyst for growth, he added, was through targeting major real estate groups, particularly apartment building owners, who are looking to provide EV charging on their properties. Looking ahead, Xeal aims to use the $11 million funding to hit its target of installing 10,000 charging stations next year.
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