Total amount raised
$78 Million
Latest funding date
01/01/2025
Location
WeaveGrid has successfully raised funds through eight different rounds, attracting investments from notable companies such as Hyundai Motor Company and Woven by Toyota. The company focuses on developing electrification software to facilitate the scalable deployment of electric vehicles on the electric grid.
Keep reading to explore the intricacies of WeaveGrid's fundraising journey and the investors backing this innovative platform.
What Is WeaveGrid?
WeaveGrid, based in San Francisco, California, develops electrification software to support the scalable deployment of electric vehicles on the electric grid. The company operates in multiple industries, including automotive, electric vehicles, machine learning, renewable energy, software, and transportation.
With a workforce of 51-100 employees, WeaveGrid collaborates with utilities, automakers, and charging companies to optimize EV charging and integrate it with the electric grid. Their software solutions help manage EV charging data, shift charging to off-peak times, and automate the process based on real-time grid conditions.
How Much Funding Has WeaveGrid Raised?
- Series Unknown
- 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 initial development and market entry.
- Series A
- Amount Raised: USD 15,000,000
- 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.
- 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 research and development in EV grid integration.
- Series B
- Amount Raised: USD 35,000,000
- Date: November 2022
- Lead Investors: Salesforce Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support expanded product capabilities for utilities and deepen engagement with automakers.
- Series Unknown
- Amount Raised: USD 28,000,000
- Date: December 2024
- Lead Investors: Woven Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the deployment of electrification software and expand market presence.
- 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 secure additional capital for operational expansion.
- Series Unknown
- Amount Raised: Not publicly disclosed
- Date: January 2025
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue scaling operations and technology development.
- Series Unknown
- Amount Raised: Not publicly disclosed
- Date: September 2025
- Lead Investors: LG Technology Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further enhance EV charging management solutions and expand partnerships.
Total Amount Raised: USD 78,000,000
Current Valuation: Not publicly disclosed
Key Investors
- Hyundai Motor Company
- Details: Hyundai Motor Company is a major South Korean automotive manufacturer known for its innovative vehicle technologies, including the Bluelink+ system. They have invested in WeaveGrid to enhance EV-grid integration and intelligent vehicle technology.
- Investment Focus Areas: Automotive, Electric Vehicles, Technology
- Notable Investments: WeaveGrid, Rimac Automobili, Arrival
- Woven Capital
- Details: Woven Capital is Toyota’s growth fund, which invests in companies that align with Toyota’s vision for future mobility and technology. They have invested in WeaveGrid to support growth in grid-interactive vehicle technologies.
- Investment Focus Areas: Automotive, Technology, Innovation
- Notable Investments: WeaveGrid, Nuro, Joby Aviation
- LG Technology Ventures
- Details: LG Technology Ventures is the venture capital investment arm of LG Group, focusing on innovative technology companies. They led the most recent funding round for WeaveGrid.
- Investment Focus Areas: Technology, Innovation, Renewable Energy
- Notable Investments: WeaveGrid, QuantumScape, Enevate
- Salesforce Ventures
- Details: Salesforce Ventures is the global investment arm of Salesforce, investing in the next generation of enterprise technology. They led the Series B funding round for WeaveGrid.
- Investment Focus Areas: Enterprise Software, Cloud Computing, Artificial Intelligence
- Notable Investments: WeaveGrid, Zoom, Snowflake
- Elemental Impact
- Details: Elemental Impact is a nonprofit organization that supports early-stage companies focused on climate change and sustainability. They provided a grant to WeaveGrid for research and development in EV grid integration.
- Investment Focus Areas: Climate Change, Sustainability, Renewable Energy
- Notable Investments: WeaveGrid, BlocPower, CarbonCure
What's Next for WeaveGrid?
WeaveGrid stands at the cusp of significant growth, bolstered by strategic investments from automotive giants like Hyundai, Kia, and Toyota. These partnerships open doors to expansive opportunities in grid-interactive EV solutions, potentially impacting millions of electric vehicles and the electric grid. The company's EV Management System (EVMS) and AI-driven smart charging orchestration (DISCO) technology position it well to capitalize on the increasing adoption of electric vehicles and the integration of renewable energy sources.
Future fundraising opportunities appear promising, with potential investments from other automotive and technology partners. This influx of capital could further enhance WeaveGrid's technology and market reach, solidifying its leadership in the EV charging management sector. However, challenges such as ensuring cybersecurity, managing scalability, and navigating regulatory requirements remain. Addressing these hurdles will be crucial as WeaveGrid continues to innovate and expand its footprint in the evolving landscape of electric transportation.
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