Grid Edge, a Birmingham, UK-based company whose AI-powered software helps reduce carbon emissions and energy costs in commercial buildings, raised £2.8m in funding.
Backers included the Midlands Engine Investment Fund II, Mercia Ventures, Centrica, bp Ventures, and private investors.
The company intends to use the funding, which is subject to approval under the National Security and Investment Act (NSIA), to take on more customers while continuing to develop the platform. It also plans to expand its 28-strong team by creating 15 new jobs in sales, customer support and technical roles.
Founded in 2016 by energy specialists Jim Scott, Dan Wright and Tom Anderson, who met while working at Aston University, later joined by Richard Moore, who held senior roles at Deloitte in the US and Paul McCorquodale, who held senior roles at companies including EE and Amber Energy, Grid Edge provides AI-powered software that helps reduce carbon emissions and energy costs in commercial buildings. The platform collects data from multiple sources, including meters, sensors and building management systems and combines it with external data such as energy tariffs and weather feeds. Machine learning is then used to create a detailed picture of workplace operations and energy usage, making recommendations to optimise performance. The solution is used in developments such as Birmingham’s Bull Ring shopping centre and London’s Royal Opera House, and by building owners and facilities management companies including Amey, Equans and OCS.
The company has increased annual recurring revenue (ARR) by150% in the last year and is on course to almost triple that again within two years and to increase the number of locations from 120 to 400 within the same period.
FinSMEs
03/04/2025