Company Analysis - WeaveGrid
WeaveGrid has experienced a 12.5% growth in its number of employers within the past six months. The company's co-founder recently appeared in several media resources as one of the winners of a "30 Under 30" achievers award. The award recognized exceptional performance in areas like marketing, media, energy, and manufacturing.
- Bases on total employee count, WeaveGrid had an average of three employees between April 2018 and April 2019 and comprised one information technology staff and two entrepreneurs.
- Its total number of employees grew to four in May 2019 and comprised of two entrepreneurs, one information technology staff and one data scientist.
- By September 2019, WeavGrid's staff strength had grown to seven employees comprising one engineering staff, two entrepreneurs, one information technology staff, one data scientist, and two staff members in "other" departments. Its staff strength increased by one in January 2020, bringing the staff strength to eight.
- Between April 2018 and March 2020, the staff strength of WeaveGrid increased from three to eight. Its number of employees has grown by 12.5% in the past six months. The company has achieved an employee growth rate of 62.5% within the past one to two years.
Recent Achievements, Revenue or Funding
- A co-founder of WeaveGrid (Bhargava) recently appeared in a list of winners of a Forbes honors with several other "Indian American go-getters." His name appeared on the "30 Under 30" achievers in the fields of marketing, media, energy, and manufacturing.
- Recently, WeaveGrid (on June 28th, 2019) raised an unspecified funding amount from The Westly Group.
- As of March 20th, 2020, WeaveGrid's website was ranked 5,310,175 in the world based on the website's 2,482 monthly web visitors. Its monthly web visits grew by 48.68% in March 2020.
- 84% of WeaveGrid's website traffic originates from the United States. Its United States web traffic increased by 126.69% in March 2020.
Market Problems WeaveGrid is Solving
- WeaveGrid develops software solutions known to "enable and accelerate the electrification" of transportation. WeaveGrid's solution utilizes machine learning, optimization as well as "predictive analytics solving EV-grid" integration challenges for utilities in a systems-oriented manner, helping clients integrate renewable energy resources on the grid and saves utility money on their bills.
- WeaveGrid provides solutions that can dynamically manage the charging of EVs across regions facing grid overload challenges. The organization collects and uses data to help residents across such locations to make "smarter charging decisions."
- WeaveGrid's solution increases the adoption of renewable energy and saves customers utilizing its solutions via the "electric vehicles to the grid" technology. An electric vehicle-to-grid solution often gets referred to as a "vehicle-grid integration" (VGI) system. This technology helps in making an energy grid acquire resilience by supplying electricity back to the grid during peak use times.
- With a VGI solution, energy from electric cars gets sent back to the grid whenever the grid experiences shortage in the supply of renewable energy due to limited resource availability, like during night hours when solar panels don't work, but several vehicles sit idle. This process helps the energy market to achieve clean energy goals. The solution is excellent for a city like California, for example, that is aiming for "zero-carbon electricity" by 2045 and also has "strong incentives for consumers" that purchase electric vehicles.
- WeaveGrid strives to promote rapid "decarbonization" within the global transport and power sectors through an intelligent connection of "electric vehicles to the grid." The United States power market or industry is plagued with challenges such as "continued rise in" carbon emissions.
- Decarbonization is known to reduce harmful carbon emissions generated by power systems and is, therefore, a solution that tackles the challenges posed by greenhouse emissions within the power market. Decarbonization reduces greenhouse gas "emissions per unit" of generated energy.
- WeaveGrid offers services that allow grid operators to utilize electric vehicle batteries as sources of power distribution. It also assists companies to use electric vehicle batteries as their sources of power distribution
- WeaveGrid is striving to "build the world's largest" intelligent distributed battery power system that links "electric vehicles" to a grid for charging. The company is attempting to solve utility "challenges" using a systems-oriented approach that helps provide better integration of renewable energy to drive cost savings for utility customers relative to their bills.
- In April 2020, WeaveGrid appeared on the list of "top 45 smart grid" startups published by Energy Startups. The list is available here.
- In November 2018, Qlair listed WeaveGrid among five startups that are "working on big energy ideas." The company's solutions are focused on electric vehicle EV charging. The news material is accessible via this link.
- A weekly Indian newspaper published in North America recently mentioned (India West) recently published a news item on WeaveGrid and its co-founder for winning a Forbes award. The India West news resource is available here.
- Forbes recently published a news item on WeaveGrid and its co-founder in December 2019 on its list of "30 Under 30" Energy 2019 award winners. The news publication is accessible via this link.
- Other news resources that have mentioned WeaveGrid and its co-founder for the "30 Under 30" 2019 award include the Stanford University News publication, GreenBiz, and Diss Dash.
The study examines and reports on the company analysis for WeaveGrid. Resources reviewed by the research include WeaveGrid's social media resources like LinkedIn. We examined growth parameters such as changes in demand for its product, its profit or losses, revenue, sales, changes in the size of its workforce, and health of its network, and market share. The rate of changes in the above parameters, such as employee size, indicates the degree of a company's growth. We also reviewed the company's recent achievements, revenue, and amount of funding received from investors. Insights obtained from its LinkedIn web page revealed that the company has only one funding investor but we were not able to gather more information. WeaveGrid disclosed on its LinkedIn web page that the amount associated with the last series of its funding, dated June 27th, 2019, is "unknown." The company may not want to reveal this information to the public because it is a privately-held company. The company stated on LinkedIn that it has between two to ten employees, and nine of them are on LinkedIn. Research to uncover the timeline used in recruiting its employees to determine its growth rate based on this parameter was unsuccessful. The company did not make such detailed information public on its LinkedIn profile.
We also examined WaveGrid's website. This strategy investigated the challenges or market problems WeaveGrid is solving. It also investigated some growth parameters like changes in demand for WaveGrid's product, its profit and losses, its revenue, sales, changes in workforce size, and health of its network. The website revealed that WeaveGrid is trying to decarbonize the global transport as well as power sectors. Additional research to uncover how decarbonization solves grid-related problems in the power sector revealed that the United States power sector confronts challenges like the "continued rise in" emissions. Decarbonization reduces the carbon emissions generated by power systems and solves the problem associated with greenhouse emissions. WeaveGrid did not provide insights about its annual revenue or funding.
We also included news and media resources and competitive analysis databases such as CrunchBase, among other publications. This strategy investigated growth indicators such as changes relative to the demand for WaveGrid's product, its profit, losses, revenue, sales, as well as changes in workforce size or health of its network. CrunchBase revealed that WeaveGrid's most recent funding is a venture series fund. Research to find the amount involved in the series funding did not uncover any helpful information as ChruchBase disclosed that the funding amount is unknown. Weave Grid does not reveal its funding amounts, detailed financial or operational costs, or annual revenues through third-party resources. Another ChruchBase page disclosed that WeaveGrid recently raised an unspecified amount via an unknown series funding courtesy of The Westly Group. WeaveGrid may not be under any obligation to make every detail of its operation public because it is a private company. There were no insights specific to several investigated growth indicators like its profit, losses, and revenue, among other parameters.
We reviewed scholarly and academic resources like publications of Stanford University. An investigation was conducted to uncover information on revenue, funding from investors, market challenges solved by WeaveGrid, or any analyzed insight about the company that indicates its growth. A Standford University resource revealed that WeaveGrid's software solution solves "several EV-grid integration" challenges confronting electric utilities and helps them to maximize value through vehicle aggregation. The research included an additional investigation to uncover how EV-related challenges facing utilities. This strategy revealed how electric vehicles (EV) return power to the grid when renewable sources of power are down, such as at night. At such periods, solar panels no longer generate energy, and there is high demand. This process utilized a VGI solution or a "vehicles to the grid." solution promoted by WeaveGrid.