With a new £50,000 investment from New Anglia Capital as part of its seed investment round, pioneering tech company Spark EV is driving business development of its artificial intelligence-based journey prediction system for electric vehicles (EV).
The company, which recently expanded into new premises at Lanwades Business Park near Newmarket in Suffolk, 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.
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. 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 £2 million 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.
Justin Ott, CEO, Spark EV Technology says “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 as well as crucial facilities, such as EV charge-points, that enable us to demonstrate and develop our technology.”
Andrew Proctor, board member at New Anglia Capital says “New Anglia Capital is dedicated to nurturing exciting, innovative new businesses and helping them grow to achieve their potential. We’re pleased to be able to support such a ground-breaking local business like Spark EV Technology, and believe it has a bright future ahead of it.”