ARLINGTON, Va.--(BUSINESS WIRE)--ElectroTempo, a pioneer in planning and intelligence software for electric charging networks, announced today that it raised $4 million in seed funding. The round was led by Buoyant Ventures, a women-owned, Chicago-based venture capital firm focusing on technology start-ups looking to combat climate change. The company's lead pre-seed investor, Schematic Ventures, returned to participate in the round, and a venture fund associated with a key customer, Zebox Ventures, also joined the coalition. ZEBOX is a network of accelerators initiated by the Chairman of CMA CGM, Rodolphe Saadé. The customer, CEVA Logistics, is a subsidiary of CMA CGM Group (the Group). The funds will be used to expand the geographic coverage of ElectroTempo’s solutions across the U.S., and round out product features to serve industrial site hosts in deploying and operating infrastructure to accelerate truck electrification.
ElectroTempo’s software forecasts EV charging demand and recommends the most cost-effective equipment and infrastructure investments for its clients. ElectroTempo’s industrial site host customers utilize this software to determine how to establish and operate EV charging networks to maximize utilization of their assets (including vehicles and chargers), thus improving the return on their investments by 20% or more.
"The barrier to massive EV deployment lies within the information silos among legacy sectors - transportation, commercial real estate and utilities," said Dr. Ann Xu, CEO of ElectroTempo. "This is not a problem that can be solved by software alone. It requires the support of deep subject matter expertise and a team purpose-built to democratize this expertise for vehicle electrification to address this challenge at scale. ElectroTempo provides the software with the right team and expertise. This funding round will allow us to enhance our products to deliver more value to our customers and scale our coverage to meet nationwide demand."
“With the rising need for more expansive and reliable electric charging networks across trucking, ElectroTempo is uniquely positioned to help accelerate the transition to electric fleets,” shared Amy Francetic, co-founder and managing general partner at Buoyant Ventures. “Ann and the entire ElectroTempo team bring deep expertise across transportation, electrification and logistics and are poised to capture this enormous market opportunity.”
The advancement of EV adoption policies, including the Inflation Reduction Act and the EPA's recently proposed GHG emissions standards for heavy vehicles, has prompted the industry to respond with corresponding initiatives and partnerships. These sweeping changes signal a desperate need for solutions to help predict demand and secure electricity supply from utilities.
“Our investment marks our strong belief in ElectroTempo’s team and product, and our wish to continue providing them with all the support and services they need to develop their business with ZEBOX and the Group. In addition, this participation will allow us to benefit from their innovative platform to create a more efficient and sustainable supply chain together,” said Quentin Dumontet, investment manager at Zebox Ventures.
Since receiving pre-seed funding in January 2022, ElectroTempo has grown from one customer to nine and increased its annual recurring revenue (AAR) by over 150%.
ElectroTempo is a software company focused on charging network planning and intelligence for industrial and trucking applications. Our software forecasts charging demand and optimizes charging site location and energy use. Learn more at www.electrotempo.com.
About Buoyant Ventures
Buoyant Ventures is a female-led venture fund investing in entrepreneurs using digital technology to mitigate and adapt to climate change. Buoyant invests in startups leveraging software and simple hardware to address climate change across the energy, mobility, agriculture, water, circular economy, and the built environment industries.