innogy International Middle East (IME) has invested £500,000 in the creators of an artificial intelligence and blockchain-based smart home energy hub.
Verv uses machine learning and blockchain to power its Internet of Things hub, which can work out the electricity-consumption and cost of key domestic appliances in real-time.
As well as enabling peer-to-peer trading of renewable energy between neighbours, Verv’s technology can process data up to five million times faster than a smart meter and identify if white goods such as washing machines and tumble driers are deteriorating and costing more energy.
The investment will help Verv make its hub compatible with a wider range of buildings and target a number of strategic partners to help with expansion.
Peter Davies, CEO and Founder of Verv, says: “With a real appetite for disruptive technology, innogy IME is driving smart living innovation in the UAE and it’s an honour to be working with such a progressive company.
“innogy’s vision of smarter, greener living is very much aligned with our own, as we look to pioneer an energy transformation.”
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