SmartCity pavement tech firm launches fundraise
Written by Hannah McGrath
SmartCity tech firm PaveGen, which has developed paving stones that convert footsteps into electricity, has received backing from the Hinduja Group.
Launching a £5 million fundraising effort on Crowdcube, PaveGen revealed it had also signed partnerships with technology giant Siemens.
The company said its technology converts footsteps into electricity and data, generating enough power to run off-grid applications like lighting, data transmission and environmental monitoring.
A person on a Pavegen walkway generates up to five watts of electrical power per step. The system can connect to phones via Bluetooth mesh, rewarding users for steps, generating permission-based analytics and recurring revenues.
The company is aiming to tap into the rapidly expanding market for smart cities technology, which saw investment totalling £235 billion last year, and is set to double by 2023.
It would use the funds raised to help reduce manufacturing costs and grow sales and marketing teams to capitalise on market opportunities in smart cities, transport and retail.
Pavegen said it has secured sales in 36 countries, with clients including Adidas, Intel, Abu Dhabi International Airport, Cisco, Google, Siemens, Transport for London and the Washington DC state government.
Laurence Kemball-Cook, chief executive of Pavegen, said: “We’re helping people to change the world for the better, through the power of a footstep. Our product isn’t hidden away on roofs or offshore somewhere - people can physically participate in a smarter, more sustainable future.
He added:"Working with the Hinduja Group will help us to make our technology available to more communities around the world.”