What is Xeal?
Founded in 2019 and based in New York City, Xeal is at the forefront of the cleantech revolution, developing innovative technology and services that enable seamless interaction between electric vehicles, charging stations, and the power grid. The company's proprietary cloud-based scheduler is designed to optimize EV charging for consumers on the go, simultaneously reducing energy costs for charging facility operators. Xeal's solutions are critical for the widespread adoption of electric mobility and the efficient management of energy resources in an increasingly electrified world.
How much funding has Xeal raised?
Xeal has raised a total of $50M across 2 funding rounds:
Series B
$40M
Debt
$10M
Series B (2022): $40M with participation from Moderne Ventures, Keyframe, ArcTern Ventures, and Ramez Naam
Debt (2022): $10M led by Bridge Bank
Key Investors in Xeal
Moderne Ventures
Moderne Ventures is a venture capital and growth equity firm specializing in disruptive technology companies within sectors like Enterprise SaaS, AI, Robotics, Deep tech, and Sustainability. They focus on multi-vertical technology companies targeting large markets such as real estate, insurance, and finance, leveraging an extensive network to foster innovation and drive success for their portfolio companies.
Keyframe
Keyframe Capital Partners, LP addresses challenges within capital markets to facilitate growth and drive innovation, providing solutions that unlock potential in various financial sectors. Their services aim to support businesses in navigating complex capital market environments, likely targeting companies and investors seeking to enhance market performance.
ArcTern Ventures
ArcTern Ventures is a venture capital firm dedicated to investing in entrepreneurs addressing climate change and sustainability since 2012. They seek startups offering solutions to carbon problems and sustainability issues, focusing on clean energy, energy efficiency, circular economy, advanced manufacturing, mobility, and food systems to create a sustainable global economy.
What's next for Xeal?
With this substantial backing, Xeal is poised to accelerate its expansion and further develop its technology. The enterprise-level funding suggests a focus on scaling operations, forging strategic partnerships, and potentially entering new markets. The company's emphasis on integrating EVs, chargers, and the grid indicates a long-term vision for a more sustainable and interconnected energy ecosystem. Future developments are likely to center on enhancing the capabilities of its scheduling platform and expanding its network of charging solutions, solidifying its position as a key player in the clean energy transition.
See full Xeal company page
