Just one week after launching its new equity crowdfunding campaign on Crowdcube, technology startup Pavegen has successfully raised over £1 million from nearly 1,000 investors.
As previously reported, the King’s Cross, London-based company’s technology converts footsteps into electricity, making it possible to power services in high-footfall locations, as well as provide real-time data for analytics. Pavegen decided to take the equity crowdfunding approach a little over two years after its Kickstarter campaign closed.
So far, Pavegen’s technology has been installed in over 100 projects in more than 30 countries, in train stations, shopping centres, airports and public spaces, according to the company’s website. The company was founded in 2009, and its now 25-strong team headquartered in London has generated cumulative of > £2.5m for Pavegen.
The company also announced that its current project at Sunglass Hut is now live and is now touring the U.S. The 32-tile dance floor powers the lights surrounding the sun and is set to visit Miami, Chicago, and New York over the next month
During a recent interview, Pavegen’s CEO and founder, Laurence Kemball-Cook stated that the goal of the company’s products is to ensure the technology can provide “on-demand energy generation, real time data analytics and M2M control.” He then discussed details about the crowdfunding campaign and explained:
“We see this as the right opportunity to enable our next stage of growth for Pavegen. As we continue to expand globally and create value for our current shareholders, we will be looking to close a larger venture capital round in the near future. Crowdfunding has enabled us to reach this next stage of growth far quicker than conventional forms of raising finance.”
Kemball-Cook also noted that following the crowdfunding campaign, the Pavegen’s main area of focus will be to improve its current system and replace the “power hungry PC with a compact, low energy, secure wireless gateway and power management system.”
He then added that the firm aims to repackage its IP into “a suite of kinetic energy harvesting products” to create a system “ready for the interoperability of cities of the future.”:
“By refining our API for M2M interaction and developing the technology for surfaces such as stairways and roads, we intend to ensure that Pavegen remains at the forefront of the footfall energy harvesting sector.”
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