EV Connect, the Los Angeles-based company that sells software to manage electric vehicle charging, has raised $12 million in a Series B round led by investors Mitsui & Co. and Ecosystem Integrity Fund.
The company has raised $25 million to date.
EV Connect’s cloud-based platform has an open standard architecture that is designed to be hardware agnostic. In other words, EV Connect aims to provide a variety of hardware vendors a way to monitor, manage and maintain charging stations.
The end goal is to push the industry away from a closed and fragmented system to a more open one, according to EV Connect CEO and founder Jordan Ramer.
EV Connect has a two-tiered approach. The company provides and manages 1,000 electric vehicle charging sites through its EV Connect network. EV Connect has a smartphone app to give drivers of electric vehicles real-time access to charging station status.
Its also sells a cloud-based software platform that businesses can customize. Clients include Yahoo!, Marriott, Hilton, Western Digital, Los Angeles Metropolitan Transportation Authority and New York Power Authority.
As part of the round, Mitsui and EV Connect have agreed to develop new business models around EV charging infrastructure. EV Connect plans to work with Mitsui on various applications of EV charging to lower the cost of charging and maximize its utilization, including fleet and energy management solutions, Ramer elaborated to TechCrunch in an emailed response.
“We strongly believe that EV Connect’s infrastructure management technology accelerates the electric vehicle revolution in the energy and power industry where Mitsui has many assets and access to partners,” Kazumasa Nakai, the COO of Mitsui’s infrastructure projects business unit, said in a statement. “Our unique engineering capabilities, in conjunction with EV Connect’s cloud-based EV infrastructure, will enable us to develop new business models to solve the challenges EV infrastructure currently pose for energy management companies.”
Written by Kirsten Korosec
This news first appeared on https://techcrunch.com/2019/10/22/electric-vehicle-charging-software-ev-connect-raises-12-million/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+Techcrunch+%28TechCrunch%29 under the title “Electric vehicle charging software EV Connect raises $12 million”. Bolchha Nepal is not responsible or affiliated towards the opinion expressed in this news article.
