Verv Raises £6.5 Million to Reduce Domestic Energy Consumption, Carbon Emissions Via Blockchain
Verv Raises £6.5 Million to Reduce Domestic Energy Consumption and Carbon Emissions
UK-Based Google Launchpad startup, Verv, known for developing revolutionary smart energy and green electricity sharing platform, has raised £6.5 million in an initiative led by the Earthworm environmental fund.
The tech company plans to use the money to develop a mechanism for reducing domestic energy consumption and carbon emissions. As mentioned above, Earthworm was the chief contributor, donating £5 million. The remainder of the funds came from Centrica, Crowdcube, and InnoEnergy.
The financial backing from Earthworm will certainly help Verv in actualizing its vision of making green homes. These homes will get smart hubs that increase the efficiency of household appliances such that they consume less energy. Also, the hubs will allow communities to sell surplus energy to other users in the network. Will Brocklebank, head of partnerships at Earthworm, said that the company emphasizes sustainability. He also lauded Verv for developing a solution that is both eco-friendly and affordable.
As of now, Verv is already popular in Asia, the Middle East, and Europe. This is hugely due to the introduction of a 3-phase electricity smart hub that is compatible with many premises. The funding will assist in expanding to new locations, as well as scaling the company's peer-to-peer trading platform for renewable energy. Further, Verv intends to start working in the next generation of smart home energy management systems.
Verv has several notable clients, including PTT, Dubai Electricity & Water Authority, British Gas, and so forth. Last year, the company became the first British company to oversee peer-to-peer trading of energy on a blockchain network. Moreover, Verv was among the few UK-based startups to receive mentorship from Google’s Launchpad programme. Mark Masterson, Google’s head of technology, said that he was impressed by Verv’s vision to use AI and blockchain technologies to transform the energy industry.
Since its inception in 2015, Verv has raised a whopping £10 million from equity crowdfunding and venture capital firms. Centrica affirmed its belief in the Verv project by exchanging a £1.9 million loan into shares. Regarding this, Peter Davies, the CEO of Verv, said that the company is pleased to have investors that are confident in their mission. He further stated that they are determined to reduce the volume of carbon emissions from small homes.
InnoEnergy, one of the key contributors to the funding drive, will support Verv by granting access to their patented AI and blockchain solutions. Alexander Goos, business creation manager at InnoEnergy, said that his firm will also connect Verv to its vast network of clients across Europe.
We are very excited to announce that we have successfully raised a £6.5m Series A #investment for our smart hub, helping us continue our work in tackling #climatechange with AI & blockchain! Thank you to our investors @earthwormgroup, @InnoEnergyEU and @centricaplc! #cleantech pic.twitter.com/97qymRSyVp
— Verv (@verv_energy) April 10, 2019