Driivz secures investment from Volvo Group Venture Capital

Israel-based electric vehicle (EV) charging software company Driivz has secured an investment from Volvo Group Venture Capital, the corporate investment company of Volvo Group.

The company said that it plans to use the proceeds from the investment to support product innovation and forays into new markets.

The financial details of the transaction have not been disclosed.

Driivz CEO Doron Frenkel said: “We’re proud to be working with the Volvo Group, which is playing a leading role in the electrification of truck fleets.

“This investment reinforces our belief in our business model and will be used for geographic expansion and continuous product innovation.”

Volvo Group Venture Capital investment director Erik Johansson said: “There is a significant and growing interest in electric vehicles and machines among Volvo Group customers, which is speeding up the transition to more sustainable transport.

“This collaboration with Driivz will play an important role in the Volvo Group’s efforts to help customers electrify their transport solutions. We are impressed by the company and we believe the Volvo Group can add considerable value to its development in future.”

Volvo Group and Volvo Trucks are also working on a pilot project with Driivz to develop new charging services and meet the needs of electric truck customers and drivers.

Driivz’s solutions are currently used by more than 700,000 drivers in 20 countries across North America, Europe, and Asia.

This week, the company received an ancillary investment from US-based fuel solutions company Gilbarco Veeder-Root (GVR), a subsidiary of Vontier.