A company whose AI-powered software helps reduce carbon emissions and energy costs in commercial buildings has raised over 拢2.8m.
The funding raised by Birmingham-based Grid Edge will enable it to take on more customers while continuing to develop its platform.
The firm is also set to expand its 28-strong team by creating 15 new jobs in sales, customer support and technical roles.
The funding comes from the Midlands Engine Investment Fund II and Mercia Ventures, Centrica, bp Ventures and private investors, and is currently subject to approval under the National Security and Investment Act.
Grid Edge鈥檚 platform is used in developments such as Birmingham鈥檚 Bull Ring shopping centre and London鈥檚 Royal Opera House, and by building owners and facilities management companies including Amey, Equans and OCS.
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.聽聽
Machine learning is then used to create a detailed picture of workplace operations and energy usage, making recommendations to optimise performance.聽
The company claims to reduce costs and carbon emissions by an average of 20% and achieve a return on investment within six months.
It has also increased ARR by 150% in the last year and is on course to almost triple that again within two years, whilst increasing the number of locations from 120 to 400 within the same period.
鈥淥ur mission is to simplify the complex world of energy and building management systems, empowering building operators to reduce carbon emissions and save money,鈥� said Paul McCorquodale, CEO of Grid Edge.
鈥淥ur focus on tangible results has led to a huge increase in demand from businesses to join the Grid Edge community. This funding will enable us to welcome more businesses on board, accelerating our growth and extending our reach and impact.鈥�
Rafael Joseph of Mercia Ventures added: 鈥淎gainst a backdrop of rising energy prices, Grid Edge helps customers cut costs while achieving their sustainability targets.聽
鈥淲ith future tariff changes set to introduce price fluctuations throughout the day, demand for Grid Edge鈥檚 platform will only grow.聽
鈥淭ightening carbon reporting requirements will drive further adoption. The business has been building strong momentum, and this funding will empower the team to accelerate growth and scale to the next level.鈥�