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Home/Spark EV has bagged a new £500,000 investment

Spark EV has bagged a new £500,000 investment

A Suffolk-based tech firm is set to provide AI-based journey prediction system for electric vehicles

Artificial intelligence continues to find more uses across industrial sectors. It has already entered areas such as automated driving, the fintech sector and more, and its application is growing in more sectors. The technology is proving to be a game changer in every sector it is being used. It is being increasingly used by industry leaders and business to help them provide better services to their customers. Artificial intelligence is proving to be a big gain for customers who are able to get better advice and services in the business services sector.

Among the latest, is a Suffolk-based tech firm, which is providing an AI-based journey prediction system for electric vehicles. Spark EV, which recently expanded into new premises at Lanwades Business Park in Suffolk, has now bagged a new £500,000 investment, which it will use to expand business development. The East Anglian tech company will use the fund to add a trade manager to support overseas sales, particularly in Scandinavia, where it is already receiving strong interest. The AI technology offered by Spark EV analyses various factors such as live driver, vehicle, weather conditions, street congestion and other data sources using its advanced algorithms to increase the accuracy of journey predictions for electric vehicles.

Chief executive of Spark EV, Justin Ott said that this new investment from New Anglia Capital, on top of money from the Low Carbon Innovation Fund, will help it meet this growing demand and target an estimated half a billion pound market with its AI-powered EV prediction solution.

Justin added that as well as excellent transport links and proximity to Cambridge, its new Suffolk office gives it the flexibility and space to grow as well as crucial facilities, such as EV charge-points, that enables it to demonstrate and develop its technology.

Board member at New Anglia Capital, Andrew Proctor added that new Anglia Capital is dedicated to nurturing exciting, innovative new businesses and helping them grow to achieve their potential. He said that the company is pleased to be able to support such a ground-breaking local business like Spark EV Technology, and believes 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).