UK tech startup Verv announced earlier this week it has extended its latest equity crowdfunding campaign on Crowdcube. The initiative, which originally sought to raise £300,000, 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 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 revealed its hub sources electricity data at up to 5 million times faster than a smart meter, meaning the insights it can provide extend far beyond electricity consumption, opening up opportunities in energy, care and insurance services where the company has trials underway with a global insurer and 6 international energy companies. The company also explained:
“Funded by 6 government grants, Verv has also created a peer-to-peer (P2P) energy trading platform that enables consumers with excess solar power to sell it directly to their neighbours, lowering bills and improving access to green energy. Verv conducted the UK’s first Peer-to-Peer energy trade on the blockchain in April (with support from Ofgem).”
Speaking about the investment round’s extension, the Verv team stated:
“In recognition that the run-up to Christmas doesn’t provide much of a chance for shopping, let alone reviewing pitches, after a number of requests we have decided to extend our campaign and account for the downtime during the holiday season. We will now be closing our pitch on the 14th of January 2019. Similar to last year, we have agreed to allow those subscribing for >£25k to invest directly as a shareholder on our cap table. We will, in turn, ensure that these share certificates are issued directly on the closing of our crowdfunding.”
Funds from the round will be used to continue Verv’s growth and expansion
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