Just a few weeks after launching its latest equity crowdfunding campaign on Crowdcube, UK tech startup Verv has successfully secured its initial £350,000 funding target and is now nearing £500,000. The funding round comes less than a year after the company raised £1.1 million through its previous Crowdcube campaign.
As previously reported, Verv was launched in 2014 and 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.”
The company is funded by 6 government grants and has also created a peer-to-peer (P2P) energy trading platform that enables consumers with excess solar power to sell it directly to their neighbors, lowering bills and improving access to green energy.
Funds from the Crowdcube round will be used to continue Verv’s growth and expansion. Speaking about the campaign’s success, the Verv team stated:
“We’re delighted to say that we have hit our crowdfunding target in just over 2 weeks and are now overfunding! A huge thank you to everyone who has invested so far, we are so grateful for your support and excited to have you on board. At 31% overfunded, we advise you to move quickly if you don’t want to miss out on this opportunity to invest in the future of energy, there couldn’t be a better time to shake up the energy market and we want you to join us!”
The Crowdcube round is currently set to close at the end of December.
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