EV charging startup Statiq has secured $18 million in funding to enhance its charging infrastructure and expand its network across Tier I and II cities. The investment, led by Tenacity Ventures with contributions from Y Combinator, Shell Ventures, and RCD Holdings, will support Statiq in doubling its charger network to 20,000 units by the end of 2026.
Statiq’s core technology revolves around a comprehensive charging platform integrated with proprietary AC/DC fast chargers and in-house software. The company plans to deploy DC fast chargers along major highways, improve product reliability to achieve 99.9% uptime, and commence hardware exports to global markets.
Co-founder and CTO Raghav Arora highlighted the focus areas for the capital infusion, emphasizing enhancements in hardware lifecycle management, software fortification, telematics, and global systems interoperability to facilitate partner collaborations and innovation.
Established in 2020, Statiq offers end-to-end EV charging solutions including smart charger manufacturing, a mobile app for booking charging slots, and infrastructure management for commercial and residential partners. The company collaborates with various entities like government agencies, automakers, and hospitality firms to extend its charging network to approximately 100 cities, boasting over 10,000 installed chargers.
As the demand for EVs surges, Statiq’s funding boost underscores the critical role of robust charging infrastructure in accelerating the adoption of electric vehicles.
Source: Inc42 Media