Alumni of the overall programme include DarwinAI, GBatteries, ChargeSpot and FleetOps.
By providing access to a worldwide network of mentors, experts and investors, including sponsors such as General Motors and Honda, CDL will provide an opportunity for Spark to accelerate development of its AI-based electric vehicle (EV) journey prediction software and help it roll out the technology in global markets.
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.”
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.
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.
About Spark EV Technology
Driven by air quality concerns, global legislation is accelerating the adoption of electric vehicles (EVs). However, drivers, automotive companies and fleet operators face multiple challenges with EVs, including range anxiety, ensuring high utilisation rates and optimising productivity.
At Spark, our mission is to accelerate plug-in hybrid and electric vehicle (PHEV/EV) adoption by removing range anxiety and increasing vehicle trust. Our AI-powered range prediction checks a vehicle has enough energy to complete its next journey and adapts to individual drivers. Using map data, live traffic, weather and live vehicle data Spark calculates the energy needed for a journey. The solution can be provided as an app, in the cloud, or embedded into a SatNav. Research carried out by the University of Cambridge’s Judge Business School estimates that the global market for EV prediction solutions will rise to at least £501m by 2022.
Developed in Cambridge, UK, Spark combines the company’s own research with work from the University of Essex. Available now, it is already receiving strong interest across Scandinavia. A finalist in the Mayor of London’s Civic Innovation Challenge, a regional finalist in the Shell Springboard competition and an alumni member of Accelerate Cambridge, Spark EV Technology has received investment from New Anglia Capital and the Low Carbon Innovation Fund.
About Creative Destruction Lab
The Creative Destruction Lab is a seed-stage program for massively scalable, science-based companies. Its nine-month program pairs founders with experienced entrepreneurs and investors to set focused, measurable objectives with the goal of maximizing equity-value creation. Founded in 2012 by Professor Ajay Agrawal at the Rotman School of Management at the University of Toronto, the program has now expanded with locations in Vancouver, Calgary, Montreal, Halifax, and New York City.
Since its inception in 2012, companies that have participated in the CDL programs 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).