ReliON, a pioneering provider of Operation & Maintenance (O&M) solutions for EV charging infrastructure based in Montréal and Ottawa, has announced a successful CAD $3 million funding round. The investment was led by Diagram Ventures, supported by MaRS Investment Accelerator Fund (IAF), AQC Capital, Anges Québec, and Cycle Momentum.
The funding marks a significant milestone for ReliON, which is the first company launched from Diagram Ventures’ ClimateTech Fund. It will be instrumental in accelerating the company’s efforts to enhance the reliability of EV charging infrastructure.
The demand for dependable EV charging solutions has become increasingly urgent, with studies indicating that between 20% to 30% of chargers may be non-operational at any given time due to a range of issues including software glitches, hardware malfunctions, vandalism, communication challenges, and compatibility issues with vehicles. These complexities underscore the critical need for effective diagnostics and repair solutions in an evolving industry characterized by a fragmented supply chain.
Benoit Lacroix, CEO and Co-founder of ReliON, expressed the company’s commitment: “ReliON is dedicated to ensuring seamless operation of EV charging infrastructure, empowering businesses and individuals to embrace electric mobility confidently. This new round of funding will expand our reach and establish us as a trusted partner in optimizing uptime and performance within the EV charging ecosystem.”
Paul Manias, Partner and Co-Head of the Diagram ClimateTech Fund, highlighted the alignment of ReliON’s innovative approach with Diagram’s mission to support transformative technologies that drive positive impact: “As the first venture from Diagram’s ClimateTech Fund, ReliON embodies our commitment to fostering innovation in climate-conscious industries.”
The newly secured capital will enable ReliON to advance its O&M platform, scale operations, and meet the escalating demand for reliable EV charging solutions.
About ReliON: ReliON specializes in providing comprehensive Operation & Maintenance (O&M) solutions for electric vehicle charging infrastructure, ensuring uninterrupted access through proactive monitoring and optimization. Dedicated to advancing electric mobility, ReliON delivers reliable, efficient, and sustainable charging solutions.
About Diagram Ventures: Diagram Ventures is a Venture Builder and Investor managing over $350 million in assets, focusing on launching and scaling ventures in Fintech, Web3, and ClimateTech. Since 2016, Diagram has partnered with visionary founders to launch more than 20 ventures, supporting their growth with capital, operational expertise, and an extensive network.
About MaRS Investment Accelerator Fund (IAF): MaRS IAF is a leading early-stage venture capital fund in Canada, having invested over $90 million in 180+ companies, resulting in more than 50 successful exits. Committed to Ontario’s innovation ecosystem, MaRS IAF provides capital, mentorship, and networks crucial for building global transformative companies.
About AQC Capital: AQC Capital manages venture capital funds supporting early-stage startups across all sectors in Quebec. Collaborating with Anges Québec, Canada’s largest angel investor network, AQC Capital offers smart capital combined with extensive experience and networks to foster innovation and growth.
About Anges Québec: Anges Québec is Canada’s largest angel investor group, supporting innovative Quebec-based technology companies for over 15 years. With a diverse membership and close to $149 million invested in 200+ companies, Anges Québec plays a pivotal role in Quebec’s venture capital landscape, driving local innovation forward.
About Cycle Momentum: Cycle Momentum is an international acceleration and innovation platform dedicated to addressing ecological challenges through cutting-edge technologies. Through its programs and investments, including the Origo initiative supported by the Government of Quebec, Cycle Momentum supports entrepreneurial growth and the commercialization of climate technologies.
