Exclusive: Monterra raises $2.5M for EV charging software
Illustration: Annelise Capossela/Axios
EV charging software startup Monterra has raised $2.5 million to get its design and planning software into the hands of more installers and contractors, the company tells Axios.
Why it matters: The company's software seeks to tackle the high, hidden costs involved with installing EV charging projects — costs that are holding back deployment at a time when the Inflation Reduction Act is unleashing funding for public chargers across the U.S.
Details: San Francisco-based Monterra raised the round from lead investor Base10 Partners, and with participation from Future Climate Venture Studio, Very Serious Ventures, and other angel investors.
- Co-founder and CEO David Kim said the company would use the funds to build out the product to make it more automated and increase AI use.
- "There's been innovation around software for batteries, electric cars and the charging experience, but there hasn't been much tech to support the folks on the ground getting these chargers installed," said Kim.
How it works: Inefficiencies still plague EV charging installations, including permitting delays, utility interconnection, and regulatory compliance.
- The startup's software helps project developers and contractors assess potential charging sites, design charging projects, estimate site costs and develop sales proposals.
Big picture: Researchers at RMI found that the EV charging sector needs to do what the solar industry did years ago: streamline and reduce process bottlenecks.
- There are a growing number of startups joining Monterra to develop software tools to help reduce EV charging soft costs and investors are stepping in to back them.
