Grid Edge, a Birmingham-based cleantech startup, has raised £2m in funding from BP Ventures, Goldacre (part of the Noé Group), and Aston University.
Formed as a spin-out company from Aston University, Grid Edge has developed cloud-based artificial intelligence (AI) software that integrates with building controls to optimise energy use.
The software, called Edge2X, creates digital twins of a building to help visualise and pinpoint where energy use is high.
The company, which previously raised $256,000 in seed funding, will use the cash to accelerate product development, reach more customers and grow its workforce. Grid Edge added that the funds will be used to scale-up and mature the business over the next 18-24 months.
Grid Edge’s technology is already being used by British property development and investment company Hammerson PLC and Royal Opera House in London to help with their energy-saving efforts.
“This funding round further strengthens our collaboration with bp, Goldacre and Aston University, who have shown equal ambitions in accelerating the growth of Grid Edge,” said Tom Anderson, co-founder at Grid Edge. “Optimising energy demand to reach net-zero is now an essential requirement for businesses. We are proud to provide many leading companies with predictive AI technology to reduce energy consumption and save money.”
David Bloom, the founding partner at Goldacre (Noé Group), said: “We saw the huge potential in Grid Edge back in 2019 and wanted to help support the business in scaling up and expanding its service delivery. Now more than ever optimal energy management is an essential demand of businesses and consumers and so by leveraging smarter digital technologies, we can significantly reduce carbon emissions whilst making buildings more energy-efficient. We look forward to supporting the Grid Edge team as they enter this exciting new business phase.”