This month, we’re really proud to announce that we’ve closed on a seed funding round! The funding round was led by Automotive Ventures and included NP Hard Ventures in the Netherlands and Connect Ventures from the UK. The investment firms that have invested in us are joined by more than a dozen angel investors and EV industry leaders from Tesla, Volta, and others.
This funding will accelerate eDRV’s new solution for electric fleets, enhance the company’s existing platform for charging providers, and deepen overall customer penetration in a rapidly growing US market.
“Each EV charger company operates their own proprietary software,” said Automotive Ventures CEO, Steve Greenfield. “eDRV has built and manages an API layer similar to what Stripe and Plaid have done for financial services. They make it simple for any third party to integrate. In two years, I wouldn’t be surprised if a number of fleets here in the US are leveraging eDRV to run their networks.”
Why invest in eDRV?
This latest investment demonstrates the value eDRV already delivers to dozens of global customers and the growing necessity of the company’s solution as the electrification of transportation accelerates. eDRV’s existing software empowers charging providers to quickly design and launch charging networks that maximize utilization and revenue potential. The company’s solution is also highly customizable. An API-first design offers customers flexibility of services, including hardware selection, payments, pricing, energy management, and integration with enterprise IT systems, and flexibility of applications, including multi-family apartments, retail, and hospitality.
“We invested in Bhaskar and Rupul because they have unique market perspective, and the drive to build a massive company that can make a positive impact,” said Managing Partner Anke Huiskes of NP Hard’s decision to invest in eDRV, “In a very short time, eDRV has bolted out of the gates with a global pipeline of over 7500 EV charging station locations. Enabling a variety of use cases from fleet management to solar integrated EV charging, eDRV already has an MRR in line with a fully realized business.”
Pietro Bezza, Managing Partner at Connect Ventures, also commented on the seed round. "We are thrilled to back eDRV on their mission to remove the friction of launching and managing EV charging networks. As we learnt by backing TrueLayer early with its vision of connecting a fragmented ecosystem of banks; equally we believe eDRV's opinionated platform and unified API layer make it dramatically easier for charging networks and electric fleets to participate in the future of electric mobility."
eDRV's Core Solutions
eDRV’s core solutions consist of three primary components, which allow customers to launch charging services that immediately rival the largest charging networks:
- A set of SDKs and APIs for creating a fully custom EV charging experience for drivers using web or mobile apps.
- Starter or white-label applications to quickly convert EV charging stations into revenue generating assets. eDRV’s pre-configured payment links make it easy for drivers to pay for charging via Apple or Google pay.
- An advanced toolkit consisting of pricing management, driver reimbursement, energy management, and marketing tools for charging businesses.
“The EV charging industry remains highly siloed, with many first movers building closed software solutions. This fragmented reality creates unnecessarily high barriers to entry for new charging networks and electric fleets” said Bhaskar Deol, CEO and Co-founder of eDRV. “With the backing of Automotive Ventures and other partners, we’re excited to accelerate our mission of uniting this ecosystem and enabling more companies to participate in our all-electric future.”
eDRV is an industry-leading EV charging solution that makes it easier for charging networks and electric fleets to build and launch business offerings via open APIs. Listed among the top energy startups in the SET100 List, eDRV allows charging providers to better monetize their infrastructure and deliver customized charging experiences. To learn more about our product, request a free demo with your details at our contact page.