Posted November 18, 2022
Funding will support expanded product capabilities for utilities, deepen engagement with automakers, and enhance driver experience at a critical time for electric vehicles and the power grid.
Salesforce Ventures led the round, joining strategic and existing investors to drive software innovation at the intersection of energy and mobility.
SAN FRANCISCO, Nov. 15, 2022 /PRNewswire/ -- WeaveGrid, a software company that builds data products to enable rapid electric vehicle (EV) adoption, announced today that it has raised $35 million in Series B funding. Salesforce Ventures led the round, with participation from new investors Activate Capital, Collaborative Fund, Emerson Collective, and MCJ Collective and existing investors Breakthrough Energy Ventures, Coatue, Grok Ventures, and The Westly Group. With a continued focus on climate investments, the Salesforce Ventures Impact Fund took its first lead role in the WeaveGrid investment. The Series B comes just eighteen months after WeaveGrid announced its $15 million Series A.
The electric vehicle market is growing exponentially, and EVs could make up more than half of global automobile sales by 2035. Newly passed federal and state policies have positioned the EV market for rapid expansion, but there is a parallel transformation required to ensure power grids can handle the increased electric demand. WeaveGrid leverages machine learning capabilities and driver engagement tools to support EV charging optimization. The company's innovative SaaS platform solves emerging EV challenges to ensure the impending energy transition is clean, equitable, and resilient.
"We are proud to welcome Salesforce Ventures as the lead investor in this round. Salesforce is the leading enterprise SaaS company in the world — including in the utility and automotive sectors–and will make an excellent partner as we continue our growth," said WeaveGrid CEO Apoorv Bhargava. "How we handle tens of millions of new EVs coming onto the power grid is amongst the most important technological challenges in the clean energy transition. With this investment, we will expand our product capabilities, deepen engagement with our partner ecosystems, and make charging simple and convenient for EV drivers."
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