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EV fleet management gets another venture-backed contender as Electriphi raises $3.5 million

Electriphi, a provider of charging management and fleet monitoring software for electric vehicles, has joined the scrum of startups looking to provide services to the growing number of electric vehicle fleets in the U.S.

The San Francisco-based company has just raised $3.5 million in seed funding from investors including Wireframe Ventures, the Urban Innovation Fund, and Blackhorn Ventures. Lemnos Labs and Acario Innovation also participated in the round.

Electriphi’s pitch has resonated with school districts. It counts the Twin Rivers Unified School District in Sacramento, Calif. as one of its benchmark customers.

“Twin Rivers Unified School District has the largest fleet of electric school buses in North America, and our ambition is to transition to a fully electric fleet in the coming years,” said Tim Shannon, transportation services director, Twin Rivers Unified School District, in a statement. “This is a significant undertaking, and we needed a trusted partner that could provide us state-of-the-art charging management and help us with data collection and monitoring.”

There are several companies pursuing this market — all with either a bit of a head start, significant corporate backers, or more capital. Existing offerings from EVConnect, GreenLots,  GreenFlux, AmplyPower all compete with Electriphi.

The company is betting that the experience of co-founder, Muffi Ghadiali, a former senior director at ChargePoint who led hardware and software development for fast charging infrastructure, can sway customers. Joining Ghadiali is Sanjay Dayal, who previously worked at Agralogics, Tibco, Xamplify, Versata and Sybase

There’s also the sheer scale of the opportunity, which is likely to see multiple companies emerge as winners.

“There are millions of public and commercial fleet vehicles in the U.S. alone that we rely on daily for transportation, delivery and services, ” said Paul Straub, managing partner, Wireframe Ventures. “Many of these are beginning to consider electrification and the opportunity is tremendous.”

African crowdsolving startup Zindi scales 10,000 data scientists

Cape Town based startup Zindi has registered 10,000 data-scientists on its platform that uses AI and machine learning to crowdsolve complex problems in Africa.

Founded in 2018, the early-stage venture allows companies, NGOs or government institutions to host online competitions around data-oriented challenges.

Zindi opens the contests to the African data scientists on its site who can join a competition, submit solution sets, move up a leader board and win — for a cash prize payout.

The highest purse so far has been $12,000, according to Zindi co-founder Celina Lee. Competition hosts receive the results, which they can use to create new products or integrate into their existing systems and platforms.

It’s free for data scientists to create a profile on the site, but those who fund the competitions pay Zindi a fee, which is how the startup generates revenue.

Zindi’s model has gained the attention of some notable corporate names in and outside of Africa. Those who have hosted competitions include Microsoft, IBM and Liquid Telecom .

The South African National Roads Agency sponsored a challenge in 2019 to reduce traffic fatalities in South Africa. The stated objective: “to build a machine learning model that accurately predicts when and where the next road incident will occur in Cape Town…to enable South African authorities…to put measures in place that will…ensure safety.”

Attaining 10,000 registered data-scientists represents a more than 100% increase for Zindi since August 2019, when TechCrunch last spoke to Lee.

The startup — which is in the process of raising a Series A funding round — plans to connect its larger roster to several new platform initiatives. Zindi will launch a university wide hack-competition, called UmojoHack Africa, across 10 countries in March.

“We’re also working on a section on our site that is specifically designed to run hackathons…something that organizations and universities could use to upskill their students or teams specifically,” Lee said.

Lee (who’s originally from San Francisco) co-founded Zindi with South African Megan Yates and Ghanaian Ekow Duker. They lead a team in the company’s Cape Town office.

For Lee the startup is a merger of two facets of her experience.

“It all just came together. I have this math-y tech background and I was working in non-profits and development, but I’d always been trying to join the two worlds,” she said.

ZindiThat happened with Zindi, which is fully for-profit — though roughly 80% of the startup’s competitions have some social impact angle, according to Lee.

“In an African context, solving problems for for-profit companies can definitely have social impact as well,” she said.

With most of the continent’s VC focused on fintech or e-commerce startups, Zindi joins a unique group of ventures —  such as Andela and Gebeya — that are building tech-talent in Africa’s data-scientist and software engineer space.

If Zindi can convene data-scientists to solve problems for companies and governments across the entire continent that could open up a vast addressable market.

It could also see the startup become an alternative — on many a project — to more expensive consulting firms operating in Africa’s large economies, such as South Africa, Nigeria and Kenya .

 

Tesla locks in stock surge with $2B offering at $767 per share

Tesla has priced its secondary common stock offering at $767, a 4.6% discount from Thursday’s share price close, according to a securities filing Friday.

Tesla said in the filing it will sell 2.65 million shares at that discounted price to raise more than $2 billion. Lead underwriters Goldman Sachs and Morgan Stanley, have the option to buy an additional 397,500 shares in the offering.

Tesla shares closed at $804 on Thursday. The share price opened lowered Friday, jumped as high at $812.97 and has hovered around $802.

The automaker surprised Wall Street on Thursday when it announced plans to raise more than $2 billion through a common stock offering, despite signaling just two weeks ago that it would not seek to raise more cash.

CEO Elon Musk will purchase up to $10 million in shares in the offering, while Oracle co-founder and Tesla board member Larry Ellison will buy up to $1 million worth of Tesla shares, according to the securities filing.

Tesla said it will use the funds to strengthen its balance sheet and for general corporate purposes. In a separate filing Thursday that was posted prior to the stock offering notice, Tesla said capital expenditures could reach as high as $3.5 billion this year.

The stock offering conflicts with statements Musk and CFO Zach Kirkhorn made last month during Tesla’s fourth-quarter earnings call. An institutional investor asked that given the recent run in the share price, why not raise capital now and substantially accelerate the growth in production? At the time, Musk said the company was spending money sensibly and that there is no “artificial hold back on expenditures.”

At the time of Thursday’s announcement, Tesla shares had risen more than 35% since the January 29 earnings call, perhaps proving too tempting of an opportunity to ignore.