US-based EV charging software developer WeaveGrid has raised $28 million in financing led by Toyota's growth fund, Woven Capital, to help automakers integrate their EVs with the electric grid while optimizing the charging experience for drivers.

WeaveGrid's EV Management System (EVMS) enables grid-integrated EV charging and offers vehicle-to-grid capabilities and power distribution optimization.

The strategic investment builds on more than a dozen official integrations with automotive brands and EV charging suppliers such as an initiative with Toyota announced earlier this year. WeaveGrid supports utilities serving more than 40% of electric vehicles in the US.

"Toyota is a collaborator in overcoming one of the most complex challenges of decarbonizing the auto industry: ensuring electric grid reliability by transforming EVs into grid-interactive assets," said Apoorv Bhargava, CEO of WeaveGrid. "Working together, we are accelerating the adoption of EVs by providing utilities with the tools they need to manage the grid. This investment will enable us to further expand our platform, invest in research and development, and forge deeper relationships with automakers and utilities."

Source: WeaveGrid

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