Around a fifth of all the electricity used in buildings worldwide is generated to power air conditioners and electric fans. Amounting to 10% of total global electricity consumption, air conditioners’ energy demand is predicted to triple by 2050. Verv, an AI company with a passion for getting companies to hit their net zero targets, is rising to this challenge. It has created a predictive maintenance technology that aims to enable a new generation of smarter, longer lasting and more sustainable air conditioners, heat pumps and large white goods.
The company’s technology replaces the existing dumb isolators, which are required for each AC and heat pump, with their patented smart AI isolator. Using real-time monitoring, it can identify signs of component fatigue, and locate and predict faults. The system captures a high-resolution view of the energy signature of a unit’s power draw, with AI algorithms identifying inconsistencies in performance. If these signal an issue, the problem can be located at component-level and relayed to manufacturers, so a spare part can be identified if it needs repairing. The data gathered can provide a real-time snapshot of the health of an appliance.
Peter Davies is the founder and CEO of Verv, and an award-winning entrepreneur. On joining the Shott Scale Up Accelerator programme in 2022, he says, “I think what has appealed to me is the chance to use this scheme to improve my leadership and negotiation skills. I’m keen to take the company through scaling to exit and so am also looking forward to the tailored mentoring that can help me complete this journey.”
Verv’s innovation will enable users to manage their energy consumption in real time in order to repair and extend, rather than scrap and replace, their devices. It is now looking to gain more investment, clinch a large order with a roll-out partner and find international companies that will be able to scale up its machine learning technology.
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