Volvo Group Venture Capital has invested into electric vehicle (EV) charging software company Driivz to support its geographic expansion.
The Driivz platform functions as an operating system for EV charging networks, and is designed to efficiently manage and develop EV charging infrastructure through operations management, energy optimisation, billing and roaming capabilities, as well as driver self-service apps.
Doron Frenkel, CEO of Driivz, said this latest investment from Volvo "reinforces our belief in our business model", adding it will be used for "geographic expansion and continuous product innovation".
Currently, a joint pilot project between the Israeli company, Volvo Trucks and the Volvo Group is underway with the aim of developing and testing new and innovative charging services to meet the specific needs of electric truck customers and drivers.
Erik Johansson, investment director at Volvo Group Venture Capital, said the collaboration with Driivz will “play an important role” in the Volvo Group’s efforts to help customers electrify, adding the company is “impressed” by Driivz and believes it can “add considerable value to the development of the business in the future”.
Last year, Driivz completed a funding round that saw it raise $11 million (£8.4 million) from Gilbarco Veeder-Root and Centrica Innovations, with this investment to help it expand its EV charging solutions, in particular for forecourts and fleet applications, along with continuing to develop its software.
This followed a separate investment from Centrica in 2018 as part of a £9 million funding round co-led by industrial tech investor Ombu.