Bellevue-based electric vehicle charging software company FlexCharging Inc. has raised $5.9 million, according to a filing with the Securities and Exchange Commission.
The filing, dated Sept. 26, notes the company is still looking to raise an additional $2.4 million, which would bring the total fundraise to $8.3 million. The company didn't immediately respond to a request for comment, but told the Business Journal on Oct. 5 that it recently completed the initial close of its first venture round. It said its total funding is now $6.2 million, with Accurant International its lead investor.
FlexCharging, founded in 2017, makes software to help utility companies manage the potential mass influx of electric vehicles onto the grid in the coming years. In addition to providing data to help these companies plan for the future, FlexCharging helps utility companies charge when renewable generation is high. The goal is to keep electric vehicle charging as environmentally friendly as possible by avoiding reliance on coal or natural gas for electricity.
FlexCharging also offers an app for electric vehicle owners to show them how much money and pollution they are saving by driving an electric car. The company's algorithms help charge electric vehicles at the best time of day for renewable energy. Drivers can also set up charging locations, according to FlexCharging's website.
"Charging at the wrong time can have the same or sometimes even worse carbon emission impact than a gasoline engine. Charging during evening peak, when all generators are running, means utilities have to ramp up natural gas or coal plants to meet your EV charging load," the company's website reads. "FlexCharging allows you to charge at the best time, automatically."
The filing lists Brian Grunkemeyer as FlexCharging's president. Grunkemeyer spent more than 21 years at Microsoft in a variety of software roles, according to his LinkedIn page, and is a member of SeaChange Fund, the Seattle-based venture capital firm that focuses on early-stage startups in the Pacific Northwest.
Editor's note: The story has been updated with details provided by FlexCharging.
