MONTREAL--(BUSINESS WIRE)--ReliON, a Montréal and Ottawa-based pioneering provider of Operation & Maintenance (O&M) solutions for EV charging infrastructure, today announced it has raised a CAD $3 million funding round led by Diagram Ventures, with participation from MaRS Investment Accelerator Fund (IAF), AQC Capital, Anges Québec and Cycle Momentum.
ReliON, the first company created out of Diagram Ventures’ new ClimateTech Fund, will use the CAD $3M to accelerate its efforts to transform the landscape of EV charging infrastructure and make it more dependable.
The need for reliable EV charging infrastructure has never been more critical, with 20% to 30% of chargers found to be inoperable at any given time. The causes of these outages are diverse – ranging from software and hardware faults to vandalism, communication issues, and poor interoperability with vehicles – making the problems challenging to identify and diagnose in a rapidly evolving industry that is characterized by a fragmented supply chain. Despite industry-wide awareness and ongoing efforts to establish best practices and standards, there remains a significant need for a dedicated and comprehensive tool to streamline the diagnostics and repairs of EV charging infrastructure.
"ReliON is dedicated to ensuring the seamless operation of EV charging infrastructure, empowering businesses and individuals alike to embrace electric mobility with confidence," said Benoit Lacroix, CEO and Co-founder of ReliON. "This latest round of funding enables us to expand our reach and firmly establish ourselves as the trusted partner for optimizing uptime and performance in the EV charging ecosystem."
"ReliON's innovative approach to enhancing the reliability of EV charging infrastructure aligns closely with our vision of supporting transformative technologies with the potential to drive positive impact," said Paul Manias, Partner and Co-Head of the Diagram ClimateTech Fund. "As the first company incubated out of Diagram's ClimateTech fund, ReliON embodies our commitment to fostering innovation in climate-conscious industries."
ReliON will utilize the newly secured capital to further develop its O&M platform and scale its operations to meet growing demand for reliable EV charging solutions. For more information about ReliON and its groundbreaking O&M solution, please visit: www.ReliONcharging.com
About ReliON:
ReliON is a leading provider of end-to-end Operation & Maintenance (O&M) solutions for electric vehicle charging infrastructure, providing integrated experience from problem detection to resolution. Leveraging technology, expertise and partnerships, ReliON's solution proactively monitors and optimizes charging station performance, ensuring uninterrupted access to charging infrastructure for businesses and individuals alike. ReliON is dedicated to empowering the transition to electric mobility by delivering reliable, efficient, and sustainable charging solutions.
About Diagram Ventures:
Diagram is a Venture Builder and Investor with over $350M in assets under management, specializing in launching and scaling ventures in Fintech, Web3, and ClimateTech. Since 2016, Diagram has collaborated with exceptional founders to launch more than 20 ventures, combining access to capital, hands-on support, and a deep ecosystem of partners to catalyze the growth of world-changing companies.
About MaRS Investment Accelerator Fund (IAF):
MaRS Investment Accelerator Fund (IAF) is one of Canada’s most active early-stage venture capital funds, having deployed more than $90 million in capital in over 180 companies, resulting in more than 50 exits. With a deep commitment to Ontario’s innovation ecosystem, MaRS IAF is a multi-sector fund, providing the capital, mentorship and networks needed to build global transformative companies.
About AQC Capital:
AQC Capital manages two venture capital funds to support businesses in the startup phase. The fund invests in Quebec companies in all sectors that seek to bring innovation to global markets. AQC Capital teams up with Anges Québec, the largest angel investor network in the country, and together the groups bring smart capital to startups thanks to their experience and network.
About Anges Québec:
As Canada's largest group of angel investors, Anges Québec has been supporting passionate, innovative entrepreneurs for 15 years. With over 200 members from diverse backgrounds, we have invested close to $149 million in over 200 Quebec technology companies, in partnership with the AQC Capital fund. We are proud to play a leading role in Quebec's venture capital industry, actively supporting local innovation.
About Cycle Momentum:
Cycle Momentum is an international acceleration and innovation platform whose mission is to identify and support the development of cutting-edge technologies to address the major ecological challenges facing humanity. Cycle Momentum’s programs support entrepreneurial growth, financing and commercialization of climate technologies. It invests through Origo, an investment matching program supported by the Government of Quebec.
