Verv a brand of London, UK-based Green Running Ltd, a developer of an AI-based home energy assistant, raised £1.23m in equity crowdfunding.
The company raised the funds via Crowdcube in return for a 4.72% stake.
The new investment will be used to scale up manufacturing for their smart home product and further develop their blockchain based peer-to-peer (P2P) energy trading solution (Verv 2.0), which will allow consumers who have renewable energy supplies to sell surplus power directly to their neighbours who may not have renewable tech.
Led by Peter Davies, CEO and founder, Verv provides a home energy assistant, which is an Artificial Intelligence (AI) based solution that transforms everyday household appliances into smart ones connecting consumers to their electricity.
The plug and play solution, which requires no electrician to install, is currently available to pre-order directly from the Verv website, via Box.co.uk, Appliances Direct and at Ebuyer, retailing at £249, and will be in homes across the UK from mid-November 2017.
The company also provides a blockchain-based P2P energy trading solution, Verv 2.0. which uses advanced AI predictions to trade electricity on blockchain technology at the best price.