In a significant move for the burgeoning electric vehicle (EV) infrastructure space, Ukrainian VC fund SID Venture Partners has announced a new investment in GO TO-U, a Ukrainian-American startup developing a sophisticated operating system for EV charging stations.
While the exact figures and terms of the deal remain under wraps, SID Venture Partners typically cuts checks in the $200,000-$300,000 range, signaling a solid boost for GO TO-U’s mission.
GO TO-U isn’t just about hardware; it’s building the intelligence layer for EV charging. Their core offering is an advanced operating system designed to manage charging stations efficiently. This platform empowers station owners – from dedicated charge point operators (CPOs) and corporate offices to fleet managers, hotels, shopping centers, and even traditional gas stations – to optimize usage and generate revenue from their charging assets.
For drivers, the GO TO-U app streamlines the charging experience, allowing users to book specific charging times and locations in advance and handle payments seamlessly. This tackles the common pain point of arriving at a station only to find it occupied or out of service.
The market context underscores the timeliness of this investment. With global EV sales surpassing 8.3 million units in 2023 – a remarkable 38% increase year-over-year – the demand for reliable and smart charging infrastructure is exploding.
“By providing access across a network potentially spanning 950,000 stations in 67 countries, we are shaping the future of seamless electromobility”, stated Nazar Shymone-Davyda, CEO of GO TO-U, highlighting the platform’s ambitious scope and connectivity potential.
GO TO-U’s journey began in 2017. Co-founder Shymone-Davyda, initially involved in importing early Tesla models to Ukraine back in 2014, quickly identified the critical need for robust charging infrastructure. Teaming up with Olena Artemenko and Lyubov Artemenko, they launched the OS to address this gap. This latest funding round follows previous backing from industrial giant ABB and various angel investors, demonstrating sustained confidence in the startup’s technology and vision.
SID Venture Partners, launched in December 2021, represents a consortium of 13 Ukrainian tech entrepreneurs and has deployed around $6 million in investments to date. Their backing of GO TO-U marks a strategic investment in a critical component of the global transition towards sustainable transportation. This partnership aims to accelerate GO TO-U’s growth and solidify its position as a key player in the smart EV charging ecosystem.
Source: Forbes Ukraine
