Xeal Secures $10 Million Line of Credit

Alexander Isaacson

New York-based Xeal has secured a $10 million line of credit from San Jose, Calif.-based Bridge Bank, as the electric-vehicle charging start-up plans an expansion, notably via partnerships with real estate firms and property developers.

So far, the company has raised $71 million, including $40 million Series B in November. Keyframe Capital led that round, with participation from Canada’s ArcTern Ventures, Moderne Ventures, clean tech investor Ramez Naam, Nexus Labs, Wind Ventures and New York-based Alpaca VC.

Distributed Platform

Xeal runs a distributed platform, called Apollo, to operate its EV charging stations, allowing drivers to charge their cars using software on their smartphones. Counting on buildings as the “leading force for change,” Xeal plans to rapidly deploy charging stations by partnering with property developers.

CEO Alexander Isaacson, who ran a student-run venture capital firm at Penn State University, and his university mate Nikhil Bharadwaj, who serves as chief technology officer, co-founded Xeal in 2019. Isaacson previously worked as an investment banker at Torreya while Bharadwaj was an energy engineer and e-mobility innovation lead at Schneider.

Reseller Network

In two years since its founding, Xeal says it has re-engineered every variable of the EV charger equation to make it a “no-brainer” investment for buildings. By developing its distributed Apollo platform, Xeal says it has eliminated a common problem among EV charging companies — a single point of failure in a central server. Instead, its software makes every user’s smartphone a key point of service delivery.

Xeal’s notable partnerships for installations include Swiss bank UBS, Swiss real estate firm Stoneweg and New Jersey’s Friedman Realty Group. It is making a two-pronged plan for growth — more partnerships across the country, notably with real estate firms, and a reseller program. Together, Xeal expected to raise to 10,000 the number of installed charging stations, notably in multifamily buildings and offices.