Spark EV received a £50,000 investment from New Anglia Capital in its artificial intelligence-based journey prediction system for electric vehicles (EV), which will be used to expand business development. This includes adding a trade manager to support overseas sales, particularly in Scandinavia, where it is already receiving strong interest.
The system analyses live driver, vehicle, and other data sources, such as the weather and congestion, to increase the accuracy of journey predictions for electric vehicles. It uses a combination of cloud-based machine learning analysis software, easy to install sensor technology, and a powerful smartphone app to notify fleet managers and drivers whether or not they will be able to complete their proposed journey. 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, while increasing the amount of potential vehicle journeys by an additional 2.8 per day.
Since we launched Spark EV last year weâve seen increasing interest from fleet operators looking to move to electric vehicles, but who have been previously worried about efficiency and range anxiety, said Justin Ott, CEO, Spark EV Technology. 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.
A research carried out by the University of Cambridgeâs Judge Business School estimates that the global market for EV prediction solutions will rise to at least £501 million by 2022. New Anglia Capital was happy to invest in a business with such a bright future and support its growth. New Anglia Capital is dedicated to nurturing exciting, innovative new businesses and helping them grow and achieve their potential, said Andrew Proctor, board member at New Anglia Capital.