Spark EV, which is developing an artificial intelligence-based journey prediction system for electric vehicles (EV), has recieved a £50,000 investment from New Anglia Capital as part of its seed investment round.
Launched in 2017, Spark EV analyses live driver, vehicle and other data sources, such as the weather and congestion, using its advanced algorithms to increase the accuracy of journey predictions for electric vehicles.
The company, which recently expanded into new premises at Lanwades Business Park near Newmarket in Suffolk, will use the money to expand business development. This includes adding a trade manager to support overseas sales, particularly in Scandinavia, where it is already receiving strong interest.
The system uses a combination of easy to install sensor technology, cloud-based machine learning analysis software and a powerful smartphone app. Fleet managers and drivers enter their proposed journey and get advice on whether they will be able to complete it – based on live data, previous trips and charge point locations. This delivers reassurance to fleet managers and drivers that they will be able to schedule and complete jobs without running out of charge, removing range anxiety while increasing the amount of potential vehicle journeys by an additional 2.8 per day.
Research carried out by the University of Cambridge’s Judge Business School estimates that the global market for EV prediction solutions will rise to at least £501m by 2022.
New Anglia Capital is a co-investment fund aiming to stimulate entrepreneurship across Norfolk and Suffolk, with £2m of funding from New Anglia Local Enterprise Partnership (LEP). The fund brings businesses and angel investors together to kick-start new products and innovative ideas into thriving new businesses, as well as support existing high-growth companies.
CEO ofSpark EV Technology Justin Ott said: “Since we launched Spark EV last year we’ve seen increasing interest from fleet operators looking to move to electric vehicles, but who have been previously worried about efficiency and range anxiety. This new investment from New Anglia Capital, on top of money from the Low Carbon Innovation Fund, will help us meet this growing demand and target an estimated half a billion pound market with our AI-powered EV prediction solution.
“As well as excellent transport links and proximity to Cambridge, our new Suffolk office gives us flexibility and space to grow, and crucial facilities, such as EV chargepoints, that enable us to demonstrate and develop our technology.“
Board member at New Anglia Capital Andrew Proctor said: “New Anglia Capital is dedicated to nurturing exciting, innovative new businesses and helping them grow and achieve their potential. The electric vehicle market is expanding enormously. Spark EV’s technology solves the key problem of anxiety over vehicle range, which is currently holding back the adoption of electric vehicles by fleets. We’re pleased to be able to support such a ground-breaking local business, and believe it has a bright future ahead of it.”