AI-based energy assistant brand smashes Crowdcube target with £1.23m funding

The business behind an an AI-based home energy assistant brand has smashed its crowdfunding target by 246%.

Verv, part of machine learning firm Green Running Ltd, raised £1.23m on funding platform Crowdcube after setting an initial target of £500k.

The London-based company will use the cash to scale up manufacturing of its smart home product and drive development of its blockchain-based peer-to-peer energy trading solution, Verv 2.0.

Verv is aiming to hand control of energy bills back to the consumer by transforming everyday household appliances into smart machines, connecting consumers to their electricity to create happier, healthier homes.

Peter Davies, founder of Green Running, started the Verv project in 2015 in a bid to make energy usage more transparent.

With 60% of consumers unable to understand their energy bills, Verv provides real-time updates on energy usage and breaks its information down by individual appliance on its mobile app.

Verv 2.0, an energy trading solution, will allow consumers with renewable energy to sell surplus power directly to neighbours who may not have renewable tech.

Peter said: “We entered into crowdfunding as we wanted a percentage of the company to be genuinely owned by the consumer.

“To receive this level of investment from the public is an incredible endorsement for all of the hard work the Verv team has done so far and we’re excited to have brought on board an incredible 1217 crowd investors join us on our journey.”

He continued: “We’re on a mission to make homes smarter and more efficient by tackling energy at its core and it’s great to see that so many people share our vision. With this investment, we look forward to launching Verv and to moving forward with Verv 2.0.”