Investment in Spark EV drives business development to target share of the £501m EV prediction solutions market by 2022
Spark EV Technology has secured new backing for its artificial intelligence-based journey prediction system for EVs, via a £50,000 investment from New Anglia Capital as part of its seed investment round.
The company will use the investment to expand business development. This includes adding a trade manager to support overseas sales, particularly in Scandinavia, where it is already receiving strong interest.
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 system uses a combination of installed sensors, 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. The system also includes data points like payload, battery and driver style to give drivers “a true journey prediction.”
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 and increasing the amount of potential vehicle journeys by an additional 2.8 per day, the company says.
“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,” said Spark EV Technology CEO Justin Ott. “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.”
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 which brings businesses and angel investors together to develop new products into businesses, as well as support existing high-growth companies.
Source: New Anglia Capital