Grid Edge secures £2.8 million in investment

Grid Edge, a software company based in Birmingham, recently secured over £2.8 million in investment from the Midlands Engine Investment Fund II, Mercia Ventures, Centrica, bp Ventures, and various private investors. The company specialises in AI-powered software that significantly reduces energy costs and carbon emissions. This technology is already being implemented in prominent locations such as Birmingham’s Bull Ring shopping centre and London’s Royal Opera House.

The company’s innovative platform gathers data from multiple sources within buildings, including energy meters, sensors, and building management systems, complemented by external data like weather conditions and energy tariffs. This data is analysed using advanced machine learning techniques to develop a comprehensive operational profile of each building, enabling tailored recommendations that both cut energy expenses and reduce environmental impact.

In a notable collaboration with another Birmingham embedded design company ByteSnap Design, Grid Edge worked on the VIGIL project, aiming to push the boundaries of building efficiency and sustainability further. This partnership highlights Grid Edge’s commitment to integrating cutting-edge technology to enhance building operations and contribute to environmental conservation by minimizing unnecessary energy use and decreasing carbon footprints.

The recent funding, which is subject to approval under the National Security and Investment Act (NSIA), is set to facilitate Grid Edge’s growth plans. These include expanding their team from 28 to 43 members and enhancing areas such as customer support, sales, and technical development.

Grid Edge was founded in 2016 by energy specialists Jim Scott, Dan Wright, and Tom Anderson, who met at Aston University, and was later joined by industry veterans Richard Moore and Paul McCorquodale. The company has experienced a surge in demand, as highlighted by CEO Paul McCorquodale: “Our mission is to simplify the complex world of energy and building management systems, empowering building operators to reduce carbon emissions and save money.” This mission statement reflects the company’s focus on providing tangible, impactful solutions to its growing client base.

Comments from Beth Bannister of the British Business Bank and Rafael Joseph of Mercia Ventures underline the investment’s potential to accelerate Grid Edge’s ambitious growth trajectory and its contribution to the regional economy and the global transition to Net Zero. Legal support for the funding round was provided by Peter Mayhew and Ross McGrath from Shakespeare Martineau.