Spark EV Technology Ltd – case study
Investors in this round: Low Carbon Innovation Fund, New Anglia Capital and prominent angels from Google
Spark EV was established in 2017 providing intelligent software products using learning algorithms for electric vehicles of all sizes, notably range prediction accuracy, 10x more accurate than EV in-vehicle systems. With 4x worldwide patents, the business is revenue generating and pre-profit.
Already working with The University of Essex on a Knowledge Exchange Partnership (KTP), the company approached Angels@Essex, worked with the University Enterprise Zone team on a pitch deck and joined the platform. Following a successful joint University of Essex live pitch event with the Low Carbon Innovation Fund administered by the University of East Anglia in conjunction with Anglia Capital and hosted by the UK Business Angels Association, Spark EV went forward raising further equity investment from a number of sources.
Utilising the support provided by the combined efforts of all parties, Spark EV exceeded their original funding target of £530,000, by raising £615,000.
The £615k enables Spark EV to expand its reach into China and US as well as developing its technology for micromobility (eScooter and eBikes) which has seen increased demand in 2020.
The investors on the round include prominent angels from Google, senior Automotive investors and follow on investment from Low Carbon Innovation Fund and New Anglia Capital.
Justin Ott, CEO Spark EV, said “To develop this expertise Spark requires a collaborative venture with suitably qualified experts to add to its engineering team. Our partnership will accelerate our speed to market and deliver leading functionality in an affordable way, helping us increase market growth and technology independence. Thank you for your support during the process.”