Spark EV Technology secures £160k from Turquoise International to support international growth
Turquoise International backed the electric vehicle software developer through its Low Carbon Innovation Fund 2.
Share allotment filed at Companies House
Spark EV Technology develops intelligent software products for electric vehicles using learning algorithms, focusing on range prediction accuracy.
Spark EV Technology has secured £160k in seed follow on funding from Turquoise International through the Low Carbon Innovation Fund 2. The capital forms part of an ongoing funding round totalling £530k. The proceeds will be directed towards supporting automotive market growth, developing business in China, and expanding the customer base across Europe and North America.
The company uses live data and machine learning to generate personalised range predictions for electric vehicles. Its software has undergone extensive real world trials and is currently under evaluation by various original equipment manufacturers and Tier 1 suppliers worldwide.
From the founder
"We’re delighted to receive this funding through LCIF2. The equity investment will enable us to develop our product for retail and commercial EV customers and invest in business development resource to attract the fast growing China market and significantly expand our global footprint."
Justin Ott
CEO at Spark EV Technology
Investor perspective
"Spark’s technology addresses an important barrier to EV adoption, for passenger cars as well as buses and trucks. With EVs likely to make up 30% of global car sales by 2025, accurate range prediction is essential. This investment is consistent with LCIF2’s remit to support innovative, low-carbon technologies in the UK."
Ian Thomas
managing director, Turquoise International
Use of funds
- 01Expand into international markets
- 02Invest in sales and marketing
Investors
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About the company
Spark EV Technology
Spark EV Technology builds intelligent software products for electric vehicles.