Synop, an end-to-end EV fleet operations platform, has raised $10.1 million in Seed funding, led by leading climate tech VC Obvious Ventures, with participation from Wireframe Ventures, Congruent, and Better Ventures. The round will support attracting talent, customers, and commercial partners looking to make the switch to EVs.
The market for energy-optimization services to support the charging of EV fleets is estimated to reach a value of $15 billion by 2030. Factors driving market growth include rapid corporate transition into commercial EVs and climate regulation resulting in significant commercial EV investments by countries worldwide.
However, vehicle fleets like school buses, semi-trucks, rental cars, and government vehicles face many obstacles when integrating new EVs, including power price volatility, charging mixed fleets, and extended charging times. Despite those challenges, the largest-ever order of electric school buses is currently in production, and school bus fleets nationwide have announced plans to electrify in the next decade.
“The electrification of transportation is a massive undertaking, especially with companies operating large fleets. Synop is addressing the biggest, hidden infrastructural barriers for companies looking to make and manage that transition seamlessly," said Obvious Ventures Managing Director Andrew Beebe.
With a mission to help simplify the transition to EVs, co-founders Gagan Dhillon and Andrew Blejde built Synop to support all commercial EV types and charging infrastructures. It's the first and only software platform designed specifically for large commercial fleets and OEMs to transform the performance of their EV operations and maintain sustainability commitments.
Synop puts EV operations on autopilot, bridging charging, fleet operations, and energy management in a single, unified platform to take care of all fleet electrification needs.
When EV bus fleets such as Highland, an EV school bus operator, leveraged Synop’s platform, they successfully scaled their operations 10x year-over-year through simple and effective charging management, route planning, energy monitoring, and telematics information insights.
“We’ve been impressed with the team’s extraordinary responsiveness and speed in deploying solutions for fleet customers,” said Wireframe Ventures Managing Partner, Paul Straub. “Their API-driven approach easily integrates data across vehicles, charging infrastructure, and corporate operating priorities to ensure customers can confidently deploy and realize the benefits of fleet electrification.”
Based on his experience at REIN as Vice President of Business Development, where he helped create mobility and commercial auto insurtech solutions with the world’s leading OEMs and insurance companies, Synop CEO Gagan Dhillon developed the concept for Synop with Co-founder Andrew Blejde, a former Amazon engineer, to address the emerging market opportunity for commercial EV fleets that need support to scale.
”Companies no longer have to be convinced that EVs are the best option for their fleet. The challenge now is creating an infrastructure to sustainably support this mass adoption,” said Gagan Dhillon, Co-Founder and CEO of Synop.
“We built Synop to supply the universal operating system for EVs, unlocking the potential for a future that isn’t dependent on fossil fuels.”