Crover Ltd announces first funding round through Crowdcube
Crover Ltd, the Edinburgh based start-up and developer of the first robotic device able to “swim” deep in granular bulks such as cereal grain, has announced its first funding round through Crowdcube, the equity crowdfunding platform.
After “bootstrapping”, raising more than GBP600,000 in innovation prizes and grants (including the likes of Converge, Scottish Enterprise and Innovate UK), Crover is opening a seed funding round accessible to seasoned and new investors that want to be part of a pioneering, multi-award-winning company.
Crover's target is to raise at least GBP150,000 in equity, to begin small series manufacturing, that will help with the set-up of additional pilots in the UK, EU, and potentially the US by next year.
The company has freshly grown its team to 12 Full-Time Equivalent (FTE) and has recently been listed among the new generation of Scottish start-ups, with sustainability at its core.
Lorenzo Conti, Crover’s Founder, says: “We are excited to open our first equity crowdfunding campaign allowing everyone to join our journey reaching below the surface and keeping grain safe. This gives investors the opportunity to be part of one of the most innovative and pioneering developments in grain storage for decades.”
Jon Knight, Cover’s Non-Executive director and former head of AHDB Crop Protection Unit, said: “Farmers spend a lot of time and effort producing a good quality crop… and then it goes into store. The grain storage part is still a bit of a Cinderella subject and monitoring grain can be very time-consuming. It means making a lot of records, making those records available to different people.
“There is real value in developing better technology, with the ability to move within the grain and that can record condition information, in this particular space. Producing output that's directly accessible to quality assurance, like Red Tractor.”