Total amount raised
$78 Millions
Latest funding date
01/01/2025
Location
WeaveGrid has successfully raised significant funding from prominent investors, including Toyota's Woven Capital and Hyundai Motor Company, to support the scalable deployment of electric vehicles on the electric grid. The company's platform optimizes EV charging, helping utilities manage data, automakers interface with utilities, and drivers save on charging costs.
Keep reading to explore the intricacies of WeaveGrid's fundraising journey and the investors backing this innovative platform.
What Is WeaveGrid?
WeaveGrid, founded in 2018 by Apoorv Bhargava and John Taggart, is based in San Francisco, California. The company specializes in developing electrification software to support the scalable deployment of electric vehicles on the electric grid. With a team of 51-100 employees, WeaveGrid's platform optimizes EV charging, helping utilities manage data, automakers interface with utilities, and drivers save on charging costs.
How Much Funding Has WeaveGrid Raised?
- Funding Round: Venture Round
- Amount Raised: Not publicly disclosed
- Date: June 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the initial development and deployment of WeaveGrid's platform.
- Funding Round: Series A
- Amount Raised: $15M
- Date: May 2021
- Lead Investors: Coatue
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enable widescale adoption of EVs on the electric grid and drive software innovation at the intersection of utility and automotive sectors.
- Funding Round: Grant
- Amount Raised: Not publicly disclosed
- Date: November 2021
- Lead Investors: Elemental Impact
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support WeaveGrid's mission in advancing EV grid integration technologies.
- Funding Round: Series B
- Amount Raised: $35M
- Date: November 2022
- Lead Investors: Salesforce Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand product capabilities for utilities, deepen engagement with automakers, and enhance the driver experience.
- Funding Round: Debt Financing
- Amount Raised: Not publicly disclosed
- Date: December 2024
- Lead Investors: HSBC Innovation Banking
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide additional financial flexibility for WeaveGrid's growth initiatives.
- Funding Round: Venture Round
- Amount Raised: $28M
- Date: December 2024
- Lead Investors: Woven Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To solidify WeaveGrid’s position as a leading platform for grid-interactive vehicle technologies and accelerate the shift towards intelligent, grid-interactive electric transportation.
- Funding Round: Venture Round
- Amount Raised: Not publicly disclosed
- Date: January 2025
- Lead Investors: Hyundai Motor Company, Kia
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To reinforce WeaveGrid's leadership in EV charging management and support the integration of EVs with the electric power grid.
Total Amount Raised: $78M
Current Valuation: Not publicly disclosed
Key Investors
- Hyundai Motor Company
- Details: Hyundai Motor Company is a leading global automotive manufacturer headquartered in Seoul, South Korea. Known for its innovative vehicle technologies, Hyundai is committed to sustainable mobility solutions.
- Investment Focus Areas: Automotive manufacturing, EV technology, smart mobility solutions
- Notable Investments: WeaveGrid, autonomous driving technologies, smart mobility solutions
- Kia Corporation
- Details: Kia Corporation, a subsidiary of Hyundai Motor Company, is a major automotive manufacturer also based in Seoul, South Korea. Kia focuses on producing a wide range of vehicles, including electric and hybrid models.
- Investment Focus Areas: Automotive manufacturing, EV technology, smart mobility solutions
- Notable Investments: WeaveGrid, autonomous driving technologies, smart mobility solutions
- Woven Capital
- Details: Woven Capital is Toyota's growth fund, which invests in companies and technologies that align with Toyota's vision for future mobility and sustainability. They led a $28 million funding round for WeaveGrid.
- Investment Focus Areas: Future mobility, EVs, grid integration solutions
- Notable Investments: WeaveGrid, innovative mobility solutions
- Salesforce Ventures
- Details: Salesforce Ventures is the investment arm of Salesforce, focusing on enterprise cloud computing and customer relationship management (CRM) solutions. They led a $35 million Series B funding round for WeaveGrid.
- Investment Focus Areas: Enterprise cloud computing, CRM solutions, AI technologies
- Notable Investments: WeaveGrid, enterprise software companies, AI-driven solutions
- Coatue
- Details: Coatue is a global investment firm known for its focus on technology, media, and telecommunications. They led a $15 million Series A funding round for WeaveGrid.
- Investment Focus Areas: Technology, media, telecommunications
- Notable Investments: WeaveGrid, technology startups, media companies
What's Next for WeaveGrid?
WeaveGrid stands at the cusp of significant growth, driven by strategic investments from automotive giants like Hyundai, Kia, and Toyota. These partnerships open doors to expanding their EV Management System (EVMS) and grid-interactive vehicle technologies, positioning them to capitalize on the rapidly growing electric vehicle market. The potential for further investments from other industry players is high, given the increasing demand for secure and efficient EV charging solutions.
However, the path forward is not without challenges. Ensuring cybersecurity in EV-grid interactions and managing the complexities of integrating diverse EV models and charging infrastructures are critical hurdles. Additionally, keeping pace with rapid technological advancements and navigating regulatory changes will require continuous innovation and strategic agility.
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