Xeal, a Los Angeles, CA and New York-based company providing electric vehicle (EV) charging solutions, raised $40M in Series B funding.
The round was led by Keyframe Capital with participation from ArcTern Ventures, Moderne Ventures, Ramez Naam, Nexus Labs, Wind Ventures and Alpaca VC. Along with the Series B, Xeal also secured a $10M credit line from Bridge Bank.
The company intends to use the funds to develop new products, accelerate the deployment of EV charging stations, scale its network of real estate partners, expand a new reseller program and further establish the company as a multifamily leader nationwide.
Led by CEO Alexander (Zander) Isaacson, Xeal offers multifamily and commercial real estate owners and operators the ability to install smart EV charging in their communities with little to no infrastructure upgrades. Clients manage these smart EV charging stations remotely through dashboard, providing real-time data on charging sessions, energy management, utilization, and revenue share. Its driver app employs a token-based technology for EV drivers to gain reliable access to charging stations without relying on cellular or garage IT infrastructure.
FinSMEs
03/11/2022