‘Singing’ data app Chirp smashes Crowdcube target to raise £752,530
University College London spin-out 'sings' pictures, videos and payments to other devices using in-built speakers
Audio data app Chirp has successfully overfunded £400,000 target on crowdfunding site Crowdcube, completing the round with £752,530.
A total of 365 investors backed the campaign for 27.39% equity, including a £215,000 investment from London’s GuanQun Investment UK.
Founded by Patrick Bergel, Chip uses technology which ‘sings’ data to other devices via in built speakers using a tiny audio chip – referred to as a ‘chirp’. Pictures, videos, web pages and payments can all be sent through the platform.
The business is the first crowdfunded project to come out of the University College London, and is thought to be the largest round ever raised by a UK university.
Cengiz A. Tarhan, managing director of UCLB- which commercialises innovations coming out of UCL – commented: ”We’re delighted with the outcome of the campaign and pleased that the company can now really move forward with growing a sustainable, revenue-focused business based on a robust technology platform.”
“This also gives us real evidence that the crowd is now a significant player in the funding of early stage businesses and an option that we will seriously consider for more of our spinouts in the future.”