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Verv: The cutting-edge smart energy hub and green electricity sharing platform

Verv: The cutting-edge smart energy hub and green electricity sharing platform

Verv has developed technology that uses cutting-­edge Artificial Intelligence to help businesses and homes monitor, analyse and manage their energy consumption. The machine learning system provides real-time bill breakdown and usage information at an individual appliance level by just monitoring at a single point on the mains, unlocking more and more features over time.

Verv: The cutting-edge smart energy hub and green electricity sharing platform

FACT FILE

Start date: 2009

Website: Visit website

Location: Bath and London

Employees: 44

SETsquared Programme: Business Acceleration and Scale-Up Programme

SETsquared support received: Mentoring, investment readiness training, business review panels, Investment Showcase

Investment raised: £10.25 which includes £10.2m of private funding, £0.27m public funding.

KEY MILESTONES

2009

Business launched in Bath

2009

eGenius technology patented

2010

e-controller product adopted by Crowne Plaza Group and AT&T

2012

£250k grant from the Energy Innovation Centre used for research and development of the eGenius product

2013

Department for Energy and Climate Change endorsed research by Verv into the use of fridges/domestic household electrical appliances

2013

Installed substation monitoring systems into Scottish Power Networks and Scottish and Southern network sites

2014

Finalist for the 'Rising Star Award' and 'Best Smaer Grid Innovation' at the Energy Innovation Awards

2014

Secured Order request from Scottish Power Networks for 750 units of eGenius domestic energy monitoring system

2015

closed £750k investment round from Ignite, the social investment arm of Centrica, who own British Gas

2016

Won 'Innovator of the Year' at the Business Green Technology Awards

2017

Announced as 'Technology of the Year' at the Business Green Tech Awards

2017

Receives £1.1million in crowdfunding, bringing on board over 1000 investors

2018

Executed the UK's first energy trade on the blockchain at Hackney's Banister House Estate using renewable energy trading platform

2019

£827,000 raised and 1030 new investors brought in on CrowdCube

2019

Raised £6.5 million in its Series A round led by environmental fund Earthworm.

“SETsquared is the best incubator that I’ve come across in the UK. The way they support and encourage companies is second to none. The centre director and entrepreneur in residence motivate and drive you forward even in the bad times.”

“The investor readiness training is very well packaged and prepares you well for going up in front of investors. We attended the SETsquared Investment Showcase in 2014 and managed to secure investment of £750k from Ignite, a social enterprise investment fund backed by Centrica, owners of British Gas, as a direct result of an introduction at this event”.

“SETsquared has also really helped us to navigate the choppy waters of scaling up. We’ve taken part in pitch events and have gained a lot of insight from high quality audiences. We also had the opportunity to present to blue chip investors such as KPMG, an organisation we probably wouldn’t have had the opportunity to approach on our own. More recently, as part of the Scale-Up Pilot Programme we’ve made the most of SETsquared’s access to research facilities and the Knowledge Transfer Partnership (KTP) to access R&D type resources without having to invest heavily to do it.”

Peter Davies, CEO
Verv

SETsquared is a partnership between

  • University of Bath
  • University of Bristol
  • University of Exeter
  • University of Southampton
  • University of Surrey