- The round, which came just 18 months after its $15 million Series A funding, was led by Salesforce Ventures
- The funding will support expanded product capabilities for utilities and in a way, enable the electric transportation transition
WeaveGrid, a software company enabling rapid electric vehicle (EV) adoption recently announced that it has raised $35 million in Series B funding. The Salesforce Ventures-led funding round saw the participation from existing investors like Breakthrough Energy Ventures, Coatue, Grok Ventures, and The Westly Group, in addition to some new investors like Activate Capital, Collaborative Fund, Emerson Collective, and MCJ Collective. It is noteworthy that the company had raised its $15 million Series A funding in mid-2021.
WeaveGrid will utilize the funding to deepen its engagement with automakers while supporting expanded product capabilities for utilities. The company will also enhance driver experience at a critical time for electric vehicles and the power grid.
On the occasion, WeaveGrid CEO Apoorv Bhargava said, “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. He further added, “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.”
“Salesforce Ventures understands the importance of supporting businesses with software and solving critical problems. SaaS- and cloud-based technologies are critical to the future of transportation — they can enable the integration of millions of new EVs to make the grid more resilient while increasing EV driver satisfaction. WeaveGrid is uniquely positioned to address these challenges,” said Claudine Emeott, Partner, Salesforce Ventures Impact Fund.
The San Francisco-based company pointed out in its latest release that the electric vehicle market is growing exponentially, and EVs could make up more than half of global automobile sales by 2035. It further noted that although government policies are conducive to the rapid expansion of the EV market, there is a parallel transformation required to ensure power grids can handle the increased electric demand.
Matthew Eggers from Breakthrough Energy Ventures said: “This endorsement by SaaS-leader Salesforce Ventures reaffirms our bet on this software solution to an increasingly complex systems problem.” He further added, “We’re excited by the automotive and utility partnerships that WeaveGrid has cultivated since our initial investment, and the opportunity to create a connected resource of EVs as a cornerstone of the next-generation distribution grid.”
Various strategic and angel investors like Climate Capital, George and Andrea Thampy, John Wolthuis (cofounder of Twilio), Nan Ransohoff (Head of Climate at Stripe), Ramez Naam of PlanetaryVC, Sophie Purdom (cofounder of Climate Tech VC) and Yoav Lurie (Founder at Simple Energy) also participated in the fundraise.
WeaveGrid is a software company that leverages machine learning capabilities to build data products to enable the electric transportation transition. The SaaS company’s platform uses data science and optimization and connects a growing wave of EVs to the traditional electric grids, that were not designed to support the high power needs of widespread charging.
