eDRV Raises Seed Round to Accelerate An Interconnected EV Charging Ecosystem

Funding round led by Automotive Ventures; other investors include NP Hard, Connect Ventures, Tesla Alumni, and more than a dozen EV charging industry leaders

SAN FRANCISCO, Feb. 17, 2023 /PRNewswire/ -- eDRV, an API-first electric vehicle (EV) charging management solution used at over 7,500 charging locations globally, announced today it has closed on a seed funding round with an international set of investors, including Automotive Ventures from the United States, NP-Hard from the Netherlands, and Connect Ventures from the United Kingdom.

The investment firms are joined by more than a dozen angel investors and EV industry leaders from Tesla, Volta, and others. The 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 the rapidly growing US market.

"Each EV charger company operates their 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."

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.

eDRV's core solutions consist of three primary components, which allow customers to launch charging services that immediately rival the largest charging networks:

1. A set of SDKs and APIs for creating a fully custom EV charging experience for drivers using web or mobile apps.
2. 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.
3. 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."

About eDRV

eDRV is an industry-leading EV charging solution that significantly simplifies the process of launching and managing EV charging networks and 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, visit eDRV.io.

SOURCE eDRV