Frankfurt-based decentralized venture capital group Iconiq Labannounces its latest addition to its ICO accelerator program – Verv, the machine-learning startup behind the VLUX token. This new addition comes in as a move to acknowledge and further the universal need for renewable energy through Verv’s peer to peer energy trading platform, as well as drive the industry towards a new-form data marketplace where consumers are in full control and able to monetize their data for the very first time.
Verv has created a peer-to-peer renewable energy trading platform that is based on its IoT smart hub device which can obtain a comprehensive and real-time overview of the electricity consumption of a home using artificial intelligence. The trading platform allows homeowners with renewable energy sources like solar panels to sell any excess energy directly to their neighbors via the blockchain at the best value for both the ‘prosumer’ and the consumer. This is thanks to the Verv smart hub’s ability to predict the supply and demand of energy using machine learning and thus trade it in advance for the user.
With a live peer-to-peer energy trading project currently underway at a social housing estate in London, Iconiq is proud to be supporting a company which is already implementing blockchain technology in a live setting and with support from multiple government grants, as well as UK regulator Ofgem. In April of 2018, Verv executed the UK’s first physical peer-to-peer trade of energy on the blockchain at this very community. Verv’s goal is to bring down energy bills, especially for those most in need, and this is a great example of their work and commitment to the cause as they look to expand globally.
In addition, the Verv hub’s ability to measure ultra high resolution data from the home also unlocks a vast amount of big data from the home that has previously been untapped, adding yet another level of functionality to the VLUX token. In a bid to create a new data marketplace that’s centred around the consumer for the first time, Verv has partnered with data sharing ecosystem Ocean Protocol to allow consumers to share their electrical data with third parties in a safe and secure manner, and in turn receive money off of their energy bills in the form of VLUX tokens.
Verv is one of a few companies in the UK selected to be part of Launchpad, Google’s startup programme and is currently on the Amazon launchpad programme. In addition to winning multiple awards, the company has received investment from the social arm of Centrica (the parent company of British Gas) and Scytale Ventures amongst others and raised £1.1 million in an equity crowdfunding round on CrowdCube, bringing on board over 1000 investors.
“We’re delighted to be working with Iconiq Lab as we work towards revolutionizing the energy industry as it stands, changing the role that data plays across the sector in favour of the consumer and bringing electricity bills down to 0,” said Peter Davies, CEO & Founder of Verv. “We’re excited by the expertise that they have to offer and can’t wait to move forward with our project and multifaceted VLUX token with their valuable support to hand.”
Iconiq Lab shall leverage the team’s expertise in blockchain, tokenomics and initial coin offerings to aid Verv and its VLUX token, which is currently undergoing the pre-sale for its ICO.
“Iconiq is always looking for quality projects led by outstanding teams that solve real-world problems through the integration of blockchain,” said Patrick Lowry, CEO of Iconiq Lab. “Verv’s new data marketplace secures and monetizes personal energy consumption data for consumers and families, bringing revolutionary blockchain into the home.”
About Iconiq Lab:
Iconiq Lab is a Decentralized VC Club and Initial Coin Offer Accelerator for Blockchain Startups. We source, fund, develop and accelerate the best crypto, blockchain and tokenizable startups to their own ICO or token sale. We help launch tokens supported by real-world, sustainable business solutions. Iconiq Lab is a portfolio company and strategic partner of Finlab AG, a German publicly traded fintech investor and company builder and a sponsor firm of the Gibraltar Blockchain Exchange (GBX). You can find out more about Iconiq Lab through our online channels below:
About Verv & the VLUX token
London-based Verv specialises in advanced AI and machine learning in the energy sector. Verv is on a mission to improve access to low carbon energy and has developed a peer-to-peer renewable energy trading platform, based on its AI-based smart hub, that combines machine learning functionality with blockchain. Verv is also creating a new energy marketplace for data, allowing consumers to share their data with third parties should they so wish and monetise it in the form of money off their energy bills. Verv recently launched its VLUX token in an Initial Token Offering in order to enable access to its energy trading platform and data marketplace, with the pre-sale now open.
SOURCE Iconiq Lab