UK tech startup Verv has successfully secured more than £1 million through its latest equity crowdfunding campaign on Crowdcube. The round, which was recently extended, originally sought to raise £350,000 and has attracted nearly 565 investors.
As previously reported, Verv 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 stated 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.
“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).”
Funds from the latest Crowdcube campaign will be used to continue the growth and development of Verv’s products and services. It is set to close mid-January.
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