Automated water management software business StormHarvester has raised 拢8.4m in a Series A funding round led by YFM Equity Partners.
The Belfast-based firm intends to use the funds to expand its product range and sales and marketing capabilities.
It will also be used to accelerate the firm鈥檚 growth into new markets, including Australasia and North America.
StormHarvester is said to have produced market-leading technology to help water companies optimise the management of their sewer networks, while significantly reducing flooding and pollution.
The SaaS platform uses machine learning and rainfall prediction to spot blockages and pumping station anomalies which helps water companies proactively maintain the sewer network.
StormHarvester won its first formal tender in 2019 and since then, the business has grown rapidly, onboarding 75% of UK water utility companies onto the platform.聽
Brian Moloney, CEO of StormHarvester, said: 鈥淲ith this backing, we can take our highly accurate technology to new territories with the aim of helping to improve wastewater management at a global level,鈥� said Brian Moloney, CEO of StormHarvester.
鈥淥ur technology not only improves operational efficiency for utilities but also plays a critical role in reducing pollution, protecting vital water resources, and supporting a healthier environment.聽
鈥淭he YFM team quickly recognised the vital nature of our work and have been hugely supportive of our mission.鈥�
YFM partner, Mike Clarke, added: 鈥淗aving been the first to market in the UK, the StormHarvester team has carved out a market-leading position, expanding to meet ever-growing demand from the utilities sector.聽
鈥淭he company is now focused on international expansion, and we are excited to be supporting its scale-up journey.鈥�