Verv develops a smart energy hub that uses AI and blockchain to provide real-time appliance-level metering, analytics and peer-to-peer renewable energy trading. Its platform reads data up to five million times faster than a smart meter and the company has filed seven patents around its AI and blockchain technology. Verv’s solutions aim to reduce household electricity bills and carbon emissions by over 20% and are already being piloted in social housing and commercial trials. Customers named in the article include British Gas (Centrica), PTT and Dubai Electricity & Water Authority, and the company executed the UK’s first blockchain peer-to-peer energy trade in April 2018. Verv is Google-mentored (Launchpad 2017) and was established in 2015. The company plans to use new funding to push into global markets across Europe, the Middle East and Asia, continue development of a three-phase smart hub to expand building compatibility, scale its P2P trading pilots, and expand its internal home control system for next-generation smart home energy management. Verv, a brand of London, UK-based Green Running Ltd, develops an AI-based home energy assistant that transforms everyday household appliances into smart ones and connects consumers to their electricity. The plug-and-play device requires no electrician to install, retails at £249, and was available to pre-order via the Verv website, Box.co.uk, Appliances Direct and Ebuyer, with shipments to UK homes from mid-November 2017. The company is also building a blockchain-based peer-to-peer energy trading solution, Verv 2.0, which uses advanced AI predictions to trade electricity on blockchain technology at the best price. Led by CEO and founder Peter Davies, Verv raised external capital to scale manufacturing and accelerate product development. The company’s recent financing supports both hardware scale-up and further development of its P2P energy trading platform.

Total raised

$10M

Funding rounds

2

Latest round

Series A

Latest activity

Apr 2019