Award-winning energy and data startup Pavegen will today conclude its raise on Crowdcube, having doubled its initial £950k target.
The campaign has secured funds from over 1400 investors, including partnership and anchor investment from major global engineering conglomerate Hinduja Group and family investment firm Tamar Capital.
The funding round follows a series of significant milestones for Pavegen. Serving 36 countries worldwide, the company generated £1.8m revenue in 2018, with installations including smart city developments, retail destinations, transport hubs and education institutions in Hong Kong, India, Korea, Thailand, UAE, UK & USA.
In 2018, Pavegen also signed a Memorandum of Understanding with global engineering and technology giant Siemens to develop smart city projects together.
The multinational, which employs 370,000 people, is now connecting Pavegen walkways to its cloud-based operating system, allowing control and monitoring of its sites from any connected device.
Pavegen, which converts the kinetic energy of footsteps into electricity and data, has since developed a digital ecosystem which connects to people’s smartphones, rewarding them for steps on Pavegen walkways. Its first shopping centre deployment at The Mercury mall in East London has raised engagement with the site by 15%.
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Laurence Kemball-Cook, CEO of Pavegen, said: “We believe in placing people at the heart of the smart city. That’s why crowdfunding works so well for us and it’s been great to welcome so many investors into our community.
“With the support of Hinduja Group, Siemens and Tamar Capital, our plan of making our technology ubiquitous for all cities becomes achievable.”
Hrag Sarkissian, Founding Partner, Tamar Capital, said: “Pavegen is very relevant when it comes to Smart cities, from a power and a data play. As cost comes down, large scale deployments could really change the game.”