Presto is revolutionizing EV charging with a Stripe-like app

Charging an electric vehicle (EV) in public can be a double-edged sword. While drivers can often charge their vehicles and be back on the road in as little as 20 minutes, they may also confront a frustrating experience marked by broken chargers, unresponsive touchscreens, or blocked charging stalls. Such inconsistencies present significant challenges for everyday consumers and can result in lost revenue for fleet and rideshare drivers.

To tackle these ongoing frustrations, Ashwin Dias and J.J. Raynor left their positions at Uber, where they were instrumental in electrifying rideshare vehicles. Their mission? To launch Presto, a revolutionary app designed to connect fleet drivers with the most reliable and efficient charging stations available. Dias and Raynor believe that with a diverse marketplace model, they can match fleet drivers’ varied needs with a corresponding supply of optimal charging solutions. This means time-sensitive drivers might be directed to faster, though pricier, charging options while more price-sensitive users could be prompted to wait for cheaper stalls to free up.

Recently, Presto completed a successful $15 million seed funding round, led by Union Square Ventures, with participation from Congruent Ventures, Jetstream, and Powerhouse Ventures. This significant investment underscores the immense potential and urgency of their offering, particularly focusing on fleet drivers who clock an incredible number of miles each week—especially Uber drivers who average 40 hours behind the wheel.

The fragmentation of EV charging networks in the U.S. poses a major hurdle to efficient charging solutions. Over the past year alone, nearly 60% of all new DC Fast chargers were sourced from more than 40 different networks. This increase in diversity creates a chaotic landscape for drivers as they encounter various charging companies and technologies.

“Charging is just becoming more fragmented in the U.S.,” Raynor noted. Fleets often face difficulties connecting directly to charging networks’ software, while the networks balk at supporting multiple integrations with various customers. Presto emerges as a bridge in this divide, offering a single point of integration for fleets while providing charging networks access to more customers. Their business model places them in a prime position, likening their interaction layer to that of Stripe in the payments landscape.

To facilitate these connections, Presto has developed both an app and an API, allowing companies seamless integration with the platform while also managing payments. This feature enables Presto to amass critical data—fueling a machine-learning recommendation engine that guides drivers towards the best chargers while directing maintenance teams to areas needing attention. For example, if a charger is reported as operational but fails to deliver during a user’s attempt, Presto can swiftly reroute drivers and alert the network.

Consequently, rental car companies like Hertz, Avis, and ZipCar have been among the first to adopt Presto’s platform, benefiting by offering users options that include discounted charging networks. Furthermore, various delivery companies have begun integrating the app even if they have their own chargers, as there can often be discrepancies in availability.

Presto’s overarching goal lies in driving API integration, encouraging fleets to incorporate its recommendations within their existing apps and dashboards to offer users enhanced experiences without inundating them with another application. Most importantly, the feedback from major automakers has piqued their interest, yet for the time being, Presto remains fixated on making significant contributions to the fleet sector.

As EV adoption continues to boom, tools like Presto targeting fleet drivers are becoming ever more critical. They aim to rectify the frustration often associated with EV charging. The startup reflects a broader trend in the tech industry, where resourceful solutions are desperately needed to overcome logistical challenges faced in the burgeoning EV market. Should this innovative approach continue to evolve, it could pave the way for a substantial transformation within the electrical vehicle landscape, enabling drivers to navigate charging more efficiently than ever before.