Less than four years after securing more than £1.9 million through its previous Crowdcube round, UK-based tech startup Pavegen has returned to the equity crowdfunding platform and has already surpassed £1 million in funding. Prior to launching the funding round, the company raised £513,000 which is represented in the progress bar of the initiative.
As previously reported, Pavegen’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 reward-based campaign was completed.
“Pavegen is the global leader in converting footsteps into electricity and data. Our tech can power off-grid applications like lighting, data transmission & environmental monitoring. A person on a Pavegen walkway generates up to 5 watts of electrical power per step. The system can connect to phones via Bluetooth mesh, rewarding users for steps, generating permission-based analytics & recurring revenues.”
Pavegen also reported that its latest installations include smart city developments, retail destinations, transport hubs & education institutions in Hong Kong, India, Korea, Thailand, UAE, UK & USA. Clients incl Adidas, Intel, Abu Dhabi International Airport, Cisco, Google, Siemens, TFL & Washington DC State Gov. The company then revealed 2019 contracts closed incl a major airport, Middle Eastern medical facility & Hong Kong smart city project.
“Our latest model, developed from our last Crowdcube round, won the 2017 Smart Cities Interactive Innovation award at SXSW & the 2018 UK PropTech award.”
Funds from the new Crowdcube round will be used to reduce our manufacturing costs and grow the company’s sales, as well as the marketing, teams to capitalize on significant market opportunities particularly in smart cities, transport and retail. The campaign is set to close at the end of June.
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