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219%
Raised
£768,420
Investors
963
Target
£350,000
Equity
3.55%
Pre-money valuation
£20,900,000

Through their award-winning smart home energy products, Google-mentored Verv is gaining global traction with over 12k unit orders from clients including British Gas and Dubai Electricity & Water Authority. The team have filed 7 patents for its AI and blockchain-based technology.

  • Multi award-winning AI & blockchain-based technology
  • Funded by Centrica and innogy Middle East
  • Conducted UK’s 1st peer-to-peer trade of energy on the blockchain
  • 7 patents filed & 6 government grants to support our development
Information This round is part of a wider fundraising requirement of £3.5m - £5m which Verv plans to raise in the next year. The company has raised £100,000, some of which may be spent before this round closes.

Idea

Verv has created an IoT hub which uses patented AI technology to unlock rich data from the home straight from the mains electricity, providing smart home insights. Delivered via a smartphone app, Verv has the ability to provide:

- Individual appliance costs and consumption in real-time

- Safety alerts if heated appliances are left on

The Verv hub sources electricity data at up to 5 million times faster than a smart meter, meaning the insights it can provide extend far beyond electricity consumption, opening up opportunities in energy, care and insurance services where Verv has trials underway with a global insurer and 6 international energy companies.

Funded by 6 government grants, Verv has also created a peer-to-peer (P2P) energy trading platform that enables consumers with excess solar power to sell it directly to their neighbours, lowering bills and improving access to green energy. Verv conducted the UK’s first Peer-to-Peer energy trade on the blockchain in April (with support from Ofgem).

NEW Verv Connect, born from the high-speed data sampling and AI in the hub, is an appliance cable for high-value white goods enabling predictive maintenance, warranty and product recall for manufacturers. 1500 pending orders secured from a multinational beauty company.

It’s time to accelerate our growth into new markets worldwide and we want you to be part of that expansion.

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Risk warning

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Verv has been given advance assurance by HMRC that the proposed share issue is likely to qualify for Enterprise Investment Scheme (EIS) tax relief.

Tax relief is available to individuals only, with income tax relief currently set at 30 per cent of the cost of the shares for the tax year in which the investment was made. The tax reliefs can also reduce your Capital Gains Tax bill. Read More.

Availability of tax relief depends on your individual and the company’s ongoing circumstances and applicable law.