Presto, an electric vehicle charging platform, said today it has raised $15 million in funding from Union Square Ventures, Congruent Ventures, Powerhouse Ventures and Jetstream.
Presto said in a statement its app “can find, charge, and pay for reliable on-the-go charging across thousands of Presto’s partner public charging stations.”
The new funds “will be used to onboard new fleets, integrate more chargers, and add new features,” Presto said. The company said its platform is used by fleets, including Uber, Avis, Hertz and Zipcar.
Presto’s system “enables fleets and their drivers to charge across networks,” J.J. Raynor, co-founder and CFO, said in a statement. “This new funding allows us to scale up our efforts to support more fleets and charging partners.”
In a follow-up email, Raynor said the funds “will allow us to rapidly onboard new fleet customers, add features…and integrate more chargers.”
Presto said it simplifies charging by enabling fleets to find, charge, and pay across charging stations operated by Presto’s charging partners through one app or API. The company said its machine-learning recommendation engine “ingests real-time information on charger availability and reliability to recommend chargers to fleets for reliable charging.”
“Seamless access to reliable public charging has been one of the barriers to fleet EV adoption,” Ashwin Das, co-founder and CEO of Presto, said in an email. “One of the biggest concerns for fleets that want to go electric is charging reliability, availability, and accessibility.”
The app, he said, provides “access to thousands of charging stations, which reduces anxiety by allowing fleet customers to accelerate the switch to electric vehicles.”
Presto says car rental companies, including Avis, Hertz, and Zipcar provide the Presto app to customers when they rent an electrical vehicle. According to Presto, that makes it easier for them to charge during their rental. Uber drivers, who have switched to EVs, get access to special pricing with EVgo in addition to charging across networks via the Presto app.
With the new funding, Presto said it will expand operations while continuing to invest in its technology to support more fleets and charging partners.
All of this is occurring amid uncertainty with the development of EVs. The new Trump administration isn’t friendly toward EV development. Still, demand for electric vehicles is expanding.
A report last month by Dave Cantin Group says EVs “are undeniably here to stay. Together, hybrid and electric vehicles are undeniably a growth driver and with dealers becoming more receptive to selling these models, we can expect the combined segment to steadily gain market share for the foreseeable future.”
The range between EV charges remains a concern. General Motors Co. CEO Mary Barry said in December that number of available chargers remains an issue for EVs. “We can’t get ahead of the consumer,” Barra said at the time.
“Easily accessible electric vehicle charging is crucial for a smooth member experience and to drive sustainable transportation further,” Will Sowers, senior manager of public partnerships and policy at Zipcar, said in Presto’s statement.
Each Zipcar “is shared between 50 to 90 members and sees more use than a personal vehicle,” Sowers said.
