Technology startup Verv successfully secured more than £1.2 million from over 1200 investors through its equity crowdfunding campaign on Crowdcube. The funding round closed on Wednesday.
As previously reported, Verv, which was launched in 2014, stated it has developed an intelligent energy assistant which uses high-speed energy analytics and machine learning to power appliances. The company, which now has six patents, is backed by Centrica (British Gas) and mentored by Googled. It has sold units to British Gas, EDF, and Allianz.
“Verv’s plug and play product samples your home electricity 1 million times a second (ahead of the government smart meter standards at every 5 to 10 seconds), creating an ultra-high resolution of your energy usage for Verv’s energy monitoring AI to pinpoint each appliance turning on or off in your home.”
Verv also noted the ways that its energy assistant can benefit homes in the UK:
Allows users to look at their energy bill to see the exact cost/usage breakdown on every appliance in their home.- Users can automatically receive alerts on their phone if a critical device has been left on for too long (i.e. curling iron, hair straightener) or if there is activity in their house while they are not there.
- Users will also be alerted if an electrical appliance has broken down with a problem remotely diagnosed.
All funds from the Crowdcube funding round will be used to continue Verv’s growth and development.
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