ReliON, a startup providing operational monitoring and maintenance for electric vehicle (EV) charging infrastructure, has secured a $3-million CAD seed round to further develop its platform.
The startup claims that 20 to 30 percent of EV chargers are inoperable at any given time, a figure roughly echoed by industry analysis firm J.D. Power.
The all-equity round was led by Diagram Ventures with participation from MaRS Investment Accelerator Fund (IAF), AQC Capital, Anges Québec, and Cycle Momentum. ReliON is the first company to be incubated by Diagram’s ClimateTech fund, which secured the first $50 million of its $60-million target in December 2023. The fund looks to launch and invest in early-stage startups that are developing solutions to help tackle climate change and reduce emissions.
Founded in 2023 and based out of Montréal and Ottawa, ReliON claims its solution integrates with all types of EV chargers to monitor the infrastructure’s health, detect issues, track warranties, source parts, and dispatch field interventions for on-the-ground maintenance work when requested. The startup has options for customers such as fleet managers and charge-station operators to pay per month for a subscription based on the number of chargers, or pay as they go.
ReliON said the funding will also be used to expand the business’s reach to meet demand for EV charger maintenance, hire new talent, and expand its network of partners for field interventions. The startup claims that 20 to 30 percent of EV chargers are inoperable at any given time, a figure roughly echoed by industry analysis firm J.D. Power, due to a variety of factors that can be challenging to diagnose in an industry with a fragmented supply chain.
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“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,” Diagram ClimateTech Fund partner and co-head Paul Manias said in a statement. “As the first company incubated out of Diagram’s ClimateTech fund, ReliON embodies our commitment to fostering innovation in climate-conscious industries.”
Diagram helped ReliON with the ideation process, market identification, and its administrative structure, as well as networking and business development activities, ReliON CEO Benoit Lacroix told BetaKit in an email statement, adding that Diagram also funded ReliON’s $620,000 pre-seed round.
Prior to the new ClimateTech fund, Diagram had been primarily conceiving, launching, and backing FinTech startups by providing capital, hands-on support, and connections to partners. Since 2016, Diagram has launched and invested in 23 companies, including Breathe Life, ClearEstate, Dialogue, Nesto, and Novisto.
Cycle Momentum, a Montréal-based accelerator that also participated in ReliON’s round, secured $22.25 million in funding from the Québec government in October 2023 to launch a funding matching program. Known as Origo, the program is aimed at supporting pre-seed and seed stage climate tech companies based in Québec.
Lacroix said ReliON currently has three customers in Québec and Nova Scotia, servicing public EV chargers, car dealerships, workplaces, and multi-residential building segments.
Feature image courtesy ReliON.
