London 'data-from-footsteps’ specialist doubles £950k crowdfunding target
Energy and ‘data-from-footsteps’ firm Pavegen is concluding its fundraise at midnight tonight after doubling its £950k target.
Through its Crowdcube campaign, the company has secured funds from over 1400 investors including global engineering conglomerate Hinduja Group and family investment firm Tamar Capital.
Pavegen, which converts the kinetic energy of footsteps into electricity and data using specially designed paving slabs, has developed a digital ecosystem which connects to people’s smartphones, rewarding them for steps on Pavegen walkways.
This latest fundraise follows a deal in 2018 with global firm Siemens, where Pavegen signed a Memorandum of Understanding with the tech giant to jointly develop ‘smart city’ projects.
Laurence Kemball-Cook, CEO of Pavegen, commented: “We believe in placing people at the heart of the smart city. That’s why crowdfunding works so well for us and it’s been great to welcome so many investors into our community.
“With the support of Hinduja Group, Siemens and Tamar Capital, our plan of making our technology ubiquitous for all cities becomes achievable.”
Shom Hinduja, president of alternative energy and sustainability initiatives at Hinduja Group added: “It’s an exciting time for Pavegen with new projects in airports, retail sites and smart city developments in Asia, the Middle East and North America.
“We believe the Hinduja team will be able to play a key role in enabling the Pavegen team to rapidly bring their ambitious vision to life.”
Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →
Enjoy the read? Get Bdaily delivered.
Sign up to receive our popular morning London email for free.