EV innovator to boost value through Canadian tech programme
Showing the global need for its intelligent electric vehicle (EV) range prediction software, Newmarket-based Spark EV Technology has won a place on the Cities Stream of the Creative Destruction Lab (CDL) programme, based in Toronto, Canada.
Through access to mentors, experts and investors, including sponsors such as General Motors and Honda, CDL will help Spark accelerate development and global roll-out of its AI-based journey prediction software.
Selection for the programme follows Spark winning a place on BP and RocketSpace’s Mobility Tech Innovation Collaborative programme in October. This brings together the world’s most promising startups and global industry leaders to work together on paid, real-world proof-of-concept (PoC) projects.
Spark’s AI-based journey prediction software uses machine learning to help EVs and hybrids go further between charges using live data from the vehicle, driver and atmospherics, while its unique machine learning algorithm constantly learns and improves predictions after each journey. By delivering more accurate, personalised range predictions to drivers, it increases confidence that they’ll get to their destination and therefore accelerates moves to electric vehicles by both businesses and consumers.
The Creative Destruction Lab is a seed-stage programme for massively scalable, science-based companies. Aimed at companies pursuing commercial opportunities that enhance the productivity and liveability of cities and neighbourhoods, the Cities Stream at CDL-Toronto brings together experienced entrepreneurs, investors, urban planning and construction experts, and scientists active in a range of fields relevant to urban innovation and ‘smart city’ technologies.
“The Creative Destruction Lab is one of the toughest accelerator programmes to win a place on in the world,” said Justin Ott, CEO, Spark EV Technology.
“That’s because of the enormous value its ecosystem of mentors, entrepreneurs and startups brings to a business. Increasing the adoption of electric vehicles is a global requirement – and by joining the Cities Stream we can develop our solution and successfully address the growing global need for our technology.”
Through the CDL Programme, Spark will work with mentors to sharpen objectives, prioritise time and resources, raise capital, and engage with global experts working on the frontiers of research in areas such as AI. A selection of 25 companies are accepted into the Cities Stream at CDL-Toronto.
Since its inception in 2012, companies that have participated in the CDL programmes have created over $3.1 billion (CAD) in equity value. CDL Alumni include Thalmic Labs (Waterloo), Atomwise (San Francisco), Deep Genomics (Toronto), Automat (Montreal), Kyndi (Palo Alto), and Heuritech (Paris).