UK-based tech platform Pavegen is set to close its latest equity crowdfunding round on Crowdcube with nearly £1.9 million in funding. The campaign was launched last month and quickly secured its £950,000 funding target, Prior to launching the funding initiative, Pavegen raised £513,000, which is represented in the progress bar of the initiative.
As previously reported, Pavegen’s technology notably converts footsteps into electricity, making it possible to power services in high-footfall locations, as well as provide real-time data for analytics. The company decided to take the equity crowdfunding approach two years after its Kickstarter reward-based campaign was completed. Its description reads:
“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 revealed 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 stated:
“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 on Wednesday.
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