Suffolk tech firm bags £500k investment
An East Anglian tech company behind an AI-based journey prediction system for electric vehicles has secured a new £500,000 investment.
Spark EV, which recently expanded into new premises at Lanwades Business Park near Newmarket in Suffolk, will use the funding 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.
"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," said chief executive Justin Ott.
"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, added: "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."
New Anglia Capital is a co-investment fund aiming to stimulate entrepreneurship across Norfolk and Suffolk, with £2m of funding from New Anglia Local Enterprise Partnership (LEP).