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November 2024
As mentioned, the AI sector in the West Midlands has a shortage of funding, however, a handful of investors have recently supported startups in this space, among them are:
Grid Edge
Founded in 2016, Grid Edge is a tech company based in Birmingham specialising in AI-driven energy management solutions.
The company was founded as a spinout of Aston University. The group developed a cloud-based AI software platform that integrates with clients’ building controls to optimise energy use.
Grid Edge aims to help commercial buildings reduce energy consumption, enhance operational efficiency, and lower carbon emissions.
The company's cloud-based software platform, called Edge2X, provides real-time, AI-powered insights to manage building energy loads, predict peak prices, and automate energy savings.
Founded by Daniel Wright, Jim Scott, and Thomas Anderson, the company quickly positioned itself at the intersection of AI and sustainability. Its technology has been used by the likes of BP, Shaftesbury Capital, Aston University and the Royal Opera House.
With its headquarters in Birmingham, Grid Edge represents the growing AI innovation ecosystem in the West Midlands.
The company has raised approximately £3.2m to date according to data from Dealrooom, with investors including Goldacre and BP Ventures.
Monumo
Monumo, founded in 2021, is a deep tech company using AI simulations to reduce the use of rare earth metals in electric motors.
Jointly headquartered in Cambridge and Coventry, Monumo aims to make electric motors lighter and more efficient whilst reducing companies’ carbon emissions.
Monumo’s core innovation is its AI-driven Anser engine, which is designed to optimise complex engineering systems. Through machine learning, the Anser engine conducts a vast number of simulations per day, with the goal of eliminating human bias to create the most efficient designs for electric motors.
Though the startup was founded in 2021, it emerged from stealth this year, backed by £10.5m in seed funding and has since secured additional funding via UK government-backed grants from Innovate UK.
The company was launched by CEO Dominic Vergine, who previously spent over a decade across various roles at the now New York-listed Arm, primarily in senior sustainability roles (most recently as head of sustainability).
