EV Connect completes Series B fundraise
The Los Angeles-based startup EV Connect has completed a US$12 million (£9m €11m) Series B fundraising round to finance its charging software.
The fundraising was led by the Japanese company Mitsui & Co and the cleantech venture capital business Ecosystem Integrity Fund. A series of smaller venture capital investors are also thought to be involved in the deal but have not been named.
EV Connect’s Series B round brings the total amount of funds raised by the company to US$25 million (£19.4m €22.5m). The business completed its Series A round in 2018 when it raised US$13.9 million (£11m €13m). The Series A round was led by the Ecosystem Integrity Fund and Montage Capital.
Mitsui has signalled that the company will work with EV Connect to develop new EV charging business models. The two companies are planning to deliver fleet and energy management solutions that act to lower the cost of charging and ensure ease of use.
EV Connect is currently developing software controls for EV chargers and is setting up charging stations for clients via its EV Connect Network, which comprises around 1,000 charging locations.
Drivers using the open network are able to locate available charging stations using the company’s app, which offers real-time updates on charging station status.
A cloud-based platform is also part of the company’s offering, which allows charge point operators to monitor, manage and maintain charging stations from afar.
While the business does sell charging stations and has monetised the installation of chargers, it’s primary revenue stream is the company’s EV Cloud.
EV Connect has so far provided charging solutions to Yahoo!, Hilton, Marriot, the New York Power Authority and the Los Angeles Metropolitan Transportation Authority.